March 31 i.e. in today’s business, the market’s rise for 3 consecutive days was halted and the market closed in the red mark on the last day of the financial year 2021-22 full of events. Let us inform that in October this year, the market touched its all-time high and since then it started declining. At the end of trading, the Sensex closed at 58,568.51 with a fall of 115.48 points, or 0.20 per cent, today. On the other hand, Nifty lost 33.50 points, or 0.19 percent, to close at 17464.75.
If we look at the movement of the market throughout this year, then the financial year 2021-22 has been a year full of events for the Indian market. This year saw an unprecedented rally in the Indian market and reached its record high in October, but after that the harsh outlook of the US Fed, rising crude oil prices and rising geopolitical tensions turned the tide.
After that the new year in January brought more problems in the market. Since the beginning of January, the tension between Russia and Ukraine gradually began to increase. Then after that in February it turned into a full-fledged war between Russia and Ukraine. Due to these events, there was a lot of volatility in the Indian market. The volatility index India VIX reached a high of 32 per cent on 24 February. This was the day when Russia started its invasion of Ukraine. On this day, the Indian market saw the biggest one-day fall of 2022 so far, but despite this uptick, Nifty has outperformed most of the world’s markets in the financial year 2022.
So far in FY22, Nifty has given a return of 19 per cent, while the S&P 500 index of the US and the FTSE 100 index of England have given returns of 16 per cent and 13 per cent, while the CAC 40 of France has given 11 per cent and NASDAQ. An increase of only 9 percent was seen.
Other major Asian indexes have also been under pressure during the year. Hong Kong’s Hang Seng is down 22 per cent while China’s Shanghai index has lost 16 per cent in FY22 while Nikkei is down 4 per cent in FY22.
How will the market move on April 1
Sharekhan’s Gaurav Ratnaparkhi Says that on March 31 i.e. today’s business Nifty opened with a positive note. But it was not able to maintain the consistent momentum of its last 3 trading sessions. For the past few trading sessions, Nifty has been revolving around the crucial resistance of 17,500. Failure to stay above this hurdle indicates that the index may look to consolidate in the 17,000-17,500 range in the near term.
The hourly chart indicates that Nifty has given a breakdown from a rising channel. Bearish Hourly Momentum Indicator is also giving this breakdown. It is expected that Nifty will be able to fill the gap area of 17,387-17,343 on the daily chart. Short term traders would be advised to book profits around this level and wait for some downside in the market before opening any new long positions.
Shrikant Chauhan of Kotak Securities Says that the Indian market showed weakness today due to weak global cues. It is worth noting that so far most of the markets around the world had shown a lot of rally amid the softening of crude oil prices and the possibility of easing Russia-Ukraine tensions. After showing decent gains during the week, investors looked cautious with a negative trend on the expiry day.
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Technically speaking, after seeing a decent uptrend, Nifty is now trading in a narrow range and has formed a small bearish candle near its key resistance level. However, the short term trade of the market is still seen on the positive side. For positional traders, important support is visible at the 17,400 and 17,350 levels. If Nifty manages to stay above these levels, then it may see us moving towards 17,600-17,675. On the other hand, if Nifty slips below 17350 then weakness can increase.
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