Possible further decline in the market, but Nifty will not go below 15200, keep an eye on these stocks for up to 5% increase in the short term

Ashok Bedwal Monday, March 07, 2022

Sameet Chavan, Angel One

After the huge fall of 24 February, the market saw a good recovery in the first 3 days of last week. Nifty was seen trading in the range of 300 points amid volatility. During all this there was support for Nifty at 16,500 but on March 4, global concerns once again scared the market and Nifty not only opened below 16,500 but it also broke the level of 16200 in intraday. However, at the end of trading, it closed just above 16200. On March 4, Nifty closed at its lowest level in 7 months. The fall of March 4 was no surprise in itself. Its indications were already being received from the correction of the last three days.

The fall in the Sensex Nifty was not showing a huge decline, but some stocks were seen falling like a cut kite. Despite being oversold for the last few days, the market did not see any respite. The biggest reason for the decline of the market was the Russia-Ukraine war. Until a solution to this problem is found, the market will continue to react to the news related to this fight and will keep going up and down. We should be prepared for volatility in the market. The market can see huge volatility on both sides. Situations can get complicated in a fight like this. We are seeing clear signs of weakness on the weekly time frame.

From the point of view of investors, this is a better opportunity to invest money in good stocks that are available cheaply. But traders would be advised to avoid taking risks in the market, it cannot be said that the bad phase has passed. Nifty can go below 16,000 in the near term. But it will not go below 15,500–15,200 either.

Keep an eye on the global situation. As far as key levels are concerned, there is an immediate support for Nifty at 16,000-15,900. At the same time, on the upside, there is a big resistance for it at 16,450 and 16,600.