After the fall of last Friday, the fall in the market dominated yesterday’s trading as well. In yesterday’s trade, NSE Nifty lost 531 points to close at 16,842 level. At the same time, BSE Sensex lost 1747 points and closed at 56,405 level. Bank Nifty also closed at the level of 36,908, down 1608 points.
Anuj Gupta of IIFL Securities Says that yesterday’s fall was attributed to rising tensions between Ukraine and Russia, which led to a rise in crude oil prices, and to a spike in global inflation, and then hiked interest rates by central banks to bring inflation under control. The concerns related to
In the US, Dow Jones fell 0.49 percent on Monday. At the same time, pressure is also being seen in SGX Nifty. Hence, further pressure on the market is expected to continue. Traders can be seen selling on every bounce.
The market may fall further, Nifty may touch the previous swing of 16,410: Vinay Rajani
Anuj Gupta says that for today the broad range of Nifty can be 16400-17330. At the same time, its short range can be 16,680 – 17,050. Any breakout in Nifty either up or down will be a positive or negative signal for the Indian market.
Talking about today’s market move Nagraj Shetty of HDFC Securities Said that a long bear candle was forming with a gap down opening on the Daily chart in yesterday’s trade. Technically, this pattern could signal the start of a sharp trend-based downtrend from a lower top. This is not a good sign. We may see further downside going forward. Nagraj Shetty is of the opinion that Nifty may show 16,500 and 16,200 levels on the downside in the next few weeks. Even if there is a pull back rally in the market, there is a significant resistance for Nifty at 16,950-17,000 levels.
Sumit Bagdia of Choice Broking Says that traders with high risk appetite should keep in mind that today’s big range for Nifty is seen in 16800-17100 while smaller range is seen in 16700-17200. Whereas for Bank Nifty, the big range is seen at 36,500 -37,300 and the smaller range is 36,000 -37,700.
Today’s Intraday Calls which can make huge profits
Sumeet Bagdia of Choice Broking Intraday Call
TCS: Buy at current price, target Rs 3850- Rs 4000, stop loss Rs 3600
Vedanta: Sell at current price, target Rs 350, stop loss Rs 374
Intraday Call by Avinash Gorakshakar of Profitmart Securities
Cummins India: Buy at current price, target Rs 985, stop loss Rs 930
ONGC: Buy at current price, target Rs 176, stop loss Rs 161.50
Intraday Call by Anuj Gupta of IIFL Securities
India Cements:Buy at current price, target Rs 210, stop loss Rs 184
Hindustan Zinc: Buy at current price, target Rs 335, stop loss Rs 297
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