Share Market Update: Due to the Russia-Ukraine crisis, there is a lot of volatility in the stock markets around the world. Last week, the Indian stock market saw a fall of about 3 percent. However, on Friday, the last day of the week, there was a recovery in the market. Domestic investors saw buying in value stocks.
Last week Nifty closed down 3.6 per cent and Sensex 3.4 per cent. There was also a huge decline in the broader market. The Midcap index closed with a decline of 3.4 percent and the Smallcap index 5.3 percent.
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Crude Oil crosses $100
The effect of geopolitical tension was also seen on commodity prices. Crude oil went beyond $100, breaking the record of the last 8 years. In the next week starting Monday, the geopolitical tension is likely to remain in the center, due to which the market will remain volatile. Apart from this, the market will also be watching the statement of US Fed Chairman Jerome Powell in Congress. Talking about the domestic market, the eyes of the market will be on GDP data, infrastructure output data, which are coming next week.
Immediate Support for Nifty at 16500
HDFC Securities K Nagraj Shetty says that the pullback shown in the market on Friday is a good sign but ahead there is a big hurdle for Nifty at 16700-16800. If Nifty remains above these levels, then only further upside can be expected in the short term. On the other hand, there is an immediate support for Nifty at 16500, if this support breaks, then there may be a further decline.
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India VIX still above 25
Santosh Meena of Swastika Investmart says that the last week was very bad for the market and Nifty was seen sliding below its 200-DMA. The conditions in the market still remain uncertain. India VIX still remains above 25. In such a situation, there is a possibility of volatility in the market next week.
Talking on Bank Nifty, he said that it also broke the support of 200-DMA last week. Now Immediate support is visible for this at 35000. If this support breaks, then we can see it moving towards the level of 34250-34000. On the upside, its 200 DMA or 37000 level is seen as a strong resistance.
Tags: BSE Sensex, Nifty, Share market, Stock Markets, stock return
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