Market Update: Market closed in red mark amid heavy volatility, Nifty came above 17,000

Amidst geopolitical tension and huge turmoil, how will the market move next week, understand from experts

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Mumbai . There is an atmosphere of uncertainty around the world amid the war between Ukraine and Russia. There is also a continuous decline in the Indian stock market. Equity markets closed in the red for the fourth consecutive week amid heavy volatility in the week ended March 4, 2022. Last week, the BSE Sensex closed at 54,333.81 with a fall of 1,524.71 points, or 2.72 per cent. On the other hand, Nifty closed at the level of 16,245.4, down 413 points i.e. 2.47 percent.

FII selling continued in the Indian market last week as well. FIIs sold Rs 22,563.08 crore while DII bought Rs 16,742.75 crore during the same period.

How will the market move next week
Yesha Shah of Samco Securities says that the ongoing tension in Eastern Europe will have the biggest impact on the direction of the market next week. If we look at the macroeconomic front, then the eyes of investors will be on the inflation data of China and America. Commodity and crude oil prices are skyrocketing due to the fight between Ukraine and Russia, so inflation data will help in predicting the next step of the US Fed.

Also read- Gold Price Today: Gold’s stormy move, the biggest weekly rally seen in gold after May 2021

Talking about the domestic market, the eyes of the market will be on the election results next week. These results will have an impact on the sentiments of the investors. Looking from the perspective of these events, the market will be seen trading in a circle. In such a situation, investors will be advised to buy in selected quality stocks while maintaining caution.

bet on select stocks
Ajit Mishra of Religare Broking says that the market is likely to remain troubled in the short term. In such a situation, investors would be advised to trade with caution. The focus of the market will be on news related to Russia-Ukraine war. Apart from this, rising crude oil prices will remain a headache for the world economy. The sectors related to crude oil are already under pressure. In such a situation, we feel that this is not the time to take risks. Bet only on select stocks. Look for stocks that are fundamentally strong and have the potential to make a quick recovery once the market stabilizes.

pressure likely to continue
Amol Athawale of Kotak Securities says that there is an immediate resistance for traders at 16,350 -16,400. If Nifty breaks this resistance, then we can see the level of 16,550- 16,700 in it. On the other hand, as long as Nifty remains below 16,350, it is likely to continue under pressure. If it slips below 16,350 then this weakness can take it towards 16,000-15,900.

Tags: Share market, stock market, Stock Markets, Stock tips

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