February 17 i.e. even today, there was a lot of volatility in the market. The market closed in a light red mark amid uncertainty over the crisis in Russia and Ukraine. After opening with a positive note in today’s trading, the market kept swinging up and down throughout the trading day. At the end of trading, the Sensex closed at 57,892.01, down 104.67 points, or 0.18 per cent. On the other hand, Nifty closed at 17304.60, down 17.60 points or 0.10 percent.
Siddhant Khemka of Motilal Oswal Financial Services It says that the market was very volatile today due to the uncertainty surrounding the tensions between Russia and Ukraine and the weekly expiry. Nifty opened with gains but it did not manage to maintain the lead and finally saw a dive. Global markets were also under pressure due to the prevailing tensions in Eastern Europe. The positive thing is that there are indications from the Fed’s minutes that the central bank wants to increase interest rates soon, but its decision will be based on data.
Know how the market may behave on Friday
Palak Kothari of Choice Broking It says that on the technical front, the index is trending with lower highs and lower lows, which is an indication of weakness in the coming trading sessions. Apart from this, Nifty is trading below the middle band of its Bollinger. This is also a sign of weakness in the counter. On the Daily Chart, Nifty is trading below 21*50-DMA with a negative crossover, indicating weakness in the next trading session.
Other technical momentum indicators are also showing signs of weakness in Nifty. Currently support for Nifty is visible at 17130. If it slips below this, the level of 17000-168000 can be seen in Nifty. On the upside, resistance is visible for Nifty at 17500. On the other hand, there is support for Bank Nifty at 36800 and resistance at 38500.
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Rahul Sharma of Equity 99 It says that Nifty remains volatile due to Russia-Ukraine crisis. Trading in current conditions would not be advisable. Our idea is to keep cash with you and buy quality shares every fall. In the coming days, investors will have very good buying opportunities in front of them. Traders are also advised to follow strict stoploss while trading and keep in mind the market volatility. There is immediate support for Nifty at 17,235. If this level is broken then the next support will be at 17150. If it breaks then there will be support again at 17000. On the upside, a strong resistance is seen at 17370. If Nifty crosses this level, then it can also see the level of 17475-17550.