Today Indian markets closed with a slight decline. Trading was seen in the market today amid volatility throughout the day. At the end of trading, the Sensex closed at 57,595.68, down 89.14 points, or 0.14 per cent, losing almost all intraday gains. On the other hand, Nifty closed at 17,223, down 23 points or 0.13 per cent. In today’s business, buying was seen in IT, Pharma, Metal and Oil & Gas. There was pressure on banking stocks.
Gaurav Ratnaparkhi of BNP Paribas Says that Nifty saw a lot of volatility today and finally it closed with a fall. For the past few trading sessions, Nifty has been stuck in the middle of the Hourly Bollinger Bands which is in a contraction mode. Fibonacci retracement shows that Nifty is facing difficulty to cross 61.8 per cent retracement of January-March decline which is located at 17330.
On the downside, Nifty is seeing support at the combined level of 40-day EMA and 200-DMA. Which is located at 17,000. The market structure indicates that Nifty may face sideways action between these parameters before gaining fresh momentum. In such a situation, if Nifty goes towards 17000 in a fall, then there will be a good opportunity for short term traders.
How will the market move on Friday
Shrikant Chauhan of Kotak Securities Says that the market remained in negative territory for part of today’s trading day, but at the end of trading, the decline was seen to decrease. The market got some support from the good opening of European markets. Now Indian markets will react to global signals as no one wants to be bullish in this difficult geopolitical situation.
The intraday formation of the market indicates that it will be seen trading in a range in the near term. On the upside, the first hurdle for Nifty is seen at 17,325. If there is any weakness in Nifty from here, then it can be seen going to 17,100-17,060. On the other hand, if Nifty crosses the level of 17,325, then we can see the level of 17,375-17,425 in this. Contra traders can take long positions near 17,060 but must place a stop loss of 17030.
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Mohit Nigam of Hem Securities Says that Nifty has closed below its resistance zone of 17,300 today. If Nifty remains below 17,300, then this decline can extend to 17000-16,800, which is seen as the next support zone for Nifty.
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