In the week ended March 11, 2022, there was a good recovery in the Indian markets and it managed to close with a gain of more than 2 percent. Last week, the BSE Sensex closed at 55,550.3 with a gain of 1,216.49 points, or 2.23 per cent. On the other hand, Nifty 50 closed at 16,630.5 with a gain of 385.15 points or 2.37 percent.
Know how the market may move ahead
Sahaj Agarwal of Kotak Securities Says that Nifty has seen a strong bounce from the level of 15900. Which indicates that there has been good buying in the downtrend in the market and this strategy will be successful in the near term also. It is expected that the market will trade with a positive trend in the March series and its initial target is seen at 17,100-17,200. Along with the giants, there will also be a rise in small and medium stocks. At present, the risk reward ratio of NBFC and FMCG sector is looking good. Although metal stocks are in a very volatile zone, there is a lot of risk in them.
Shrikant Chauhan of Kotak Securities It says that due to the Russo-Ukraine war, the prices of crude oil as well as some other commodities have been very volatile and have increased significantly. Rising energy prices in the near term and consequently rising inflation will play an important role in determining the direction of the market. In such a situation, the eyes of the market will be kept on the results of the Federal Reserve meeting.
Vinod Nair of Geojit Financial Services It says that the market will keep an eye on commodity prices and diplomatic efforts to end the war between Russia and Ukraine. If this global trend turns positive, then the performance of the Indian market will be strengthened and if it does not happen then there will be huge volatility in the market. Apart from this, the market will keep an eye on the US and India inflation data and the results of the Bank of England, Bank of Japan and US Fed meetings.
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Amol Athawale of Kotak Securities says that the index has completed a phase of pullback rally. Currently, there are indications from the market that it may look to move in the range in the near term. Important support is visible for traders at 16,400 and 16,300. At the same time, the registration is visible at 16800. If Nifty manages to close above this, then we can see the level of 17,000 in it. As long as Nifty does not slip below 16300, it will continue to be bullish.
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