With the fight between Russia and Ukraine erupting and oil prices reaching an 8-year high, the market recovered some in the last trading hours of yesterday’s trading day but it closed in the red mark. At the end of trading, the market closed with a fall of more than 2 percent. Banking, financials, auto, pharma and some IT stocks put pressure on the market in yesterday’s trade.
BSE Sensex closed at 55,469, down 778 points yesterday. Nifty, on the other hand, closed 188 points lower at 16,606 and formed a doji-like pattern on the daily chart as it closed near the opening loss with recovery.
Nagraj Shetty of HDFC Securities Says that this type of pattern usually formed after a bullish or bearish signal is a sign of a possible trend reversal. This could also be a sign of a narrow range trade with the resistance level at 16,800. Resistance is visible for Nifty at 16,800-17,000. Learn above 17,000 of Nifty but once again there can be a durable rally. On the other hand, if Nifty slips below 16,480, then in this we can also see the level of 16,200 in the short term.
Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. Please note here that the Open Interest (OI) and Volume of Stocks figures in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 16,497 and after that the second support is located at 16,388. If the index turns upwards, then it may face resistance at 16,697 then 16,787.
The first support for Nifty Bank is located at 34,996 and after that the second support is located at 34,618. If the index moves upwards, then it may face resistance at 35,652 then 35,931.
Mixed signals from global market
There are mixed signals from the global market. Asia is showing strength. SGX NIFTY has started on the lead. Although flat trading is happening in DOW FUTURES. Yesterday the US markets showed strength. The DOW, NASDAQ and S&P 500 closed up by a quarter to 2 percent. Yesterday the US markets had managed to close with gains. Dow is seeing a rise of about 600 points. The S&P 500 gained 1.9% and the Nasdaq closed with a 1.6% jump.
Jerome Powell’s big statement
Meanwhile, Jerome Powell’s big statement has come out, he has said that the priority is to rein in inflation. A 0.25% hike in interest rates is possible. Fed may raise rates by 0.25% to control inflation. Coal prices rise to $400/ton.
Market mood may deteriorate sharply
The sharp rise in crude may worsen the mood of the market. Crude oil is at an 11-year high. Brent has crossed $115. The Ukraine crisis and OPEC’s lack of supply led to the rise in prices. The price of crude has reached the highest level since 2011. IEA said global energy security is at risk. IEA will take steps to control prices.
Asian markets rally
Today, trading is being seen with an increase in Asian markets. SGX NIFTY is showing a gain of 61.50 points. At the same time, Nikkei is seen around 26,608.21 with an increase of 0.82 percent. At the same time, Strait Times is showing a gain of 0.59 percent. Taiwan’s market is trading up 0.43 percent at the level of 17,945.15. Whereas Hang Seng is seen with an increase of 0.62 percent at the level of 22,482.89. At the same time, Kospi is trading with a gain of 1.55 percent. On the other hand, Shanghai Composite is seeing a gain of 0.15 percent at 3,489.53 level.
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