The benchmark indices continues to end in the red for the fourth consecutive day on Monday amid volatility on the back of Ukraine crisis. At close, the Sensex was down 149.38 points or 0.26 per cent at 57,683.59, and the Nifty was down 69.60 points or 0.40 per cent at 17,206.70. About 678 shares have advanced, 2693 shares declined, and 116 shares are unchanged.
Coal India, Hindalco, UPL, ONGC and Adani Ports were the top Nifty losers. Gainers included Wipro, Infosys, Shree Cements, Power Grid Corp and ICICI Bank. Except bank, all other sectoral indices ended in red with capital goods, FMCG, metal, oil & gas, pharma, power, realty down 1-2 per cent. BSE midcap and smallcap indices fell by 0.8-2.2 per cent.
Ajit Mishra, VP – research, Religare Broking Ltd., said: “Markets are in wait and watch mode in line with global peers and closely monitoring the Russia-Ukraine crisis for cues. Meanwhile, the volatile swings in the index combined with the selling in broader markets are making traders’ life difficult. We thus recommend limiting positions and keeping the existing hedged until the markets stabilise.”
Mohit Nigam, Head – PMS, Hem Securities, said: “Benchmark indices were under pressure today as strong headwinds from Russia-Ukraine conflict kept the investors on edge. The volatility index spiked to 22.9 as no immediate solution to end the tussle can be seen. Moreover rising uncertainty regarding Fed’s monetary stance is adding fuel to the fire.”
“Markets showed some strength in the afternoon session as strong buying was witnessed in blue-chip stocks. Investor sentiments got a boost after CRISIL’s recent research report stating that India’s industrial activity is expected to gain momentum on the back of rising consumption and investment demand. But all the euphoria soon faded away owing to new developments regarding the Russia-Ukraine conflict,” Nigam added.
On the technical front immediate support and resistance level for Nifty 50 are 17,050 and 17,400 respectively. The key resistance level for bank nifty bank is 38,100 and on the downside 37,100 can act as strong support.
With the monthly expiry week starting today, the markets seems to be a bit volatile and investors are advised to trade cautiously, Nigam said.
Like all dips, this might also be a good opportunity to invest for the long-term gains. On the technical front the Nifty50 seems to take support at 17,100 while resistance at 17,400. For Bank Nifty support stands at 37,200 and resistance at 38,000, Nigam stated.
Global Cues
Asian share markets and Wall Street futures pared sharp early losses on Monday as the US President Joe Biden and Russian President Vladimir Putin have agreed in principle to hold a summit on the Ukraine crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan pared their losses to be down 0.4 per cent, while Japan’s Nikkei halved its drop to be down 0.9 per cent.
Read all the Latest Business News and Breaking News here
Comments
0 comment