Daily Market Commentary - March 2, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Markets ended lower amid concerns of Ukraine-Russia Crisis and the Index was trading in a tight range today. Among the sectors, the auto and banking index shed 2 percent each while buying was seen in metals and power stocks. Benchmark indices closed at 16,605 and 55.468 respectively.

The Index started off with gap down opening of around 160 points and continued its momentum for the 1st half of trading session. A sharp pullback was witnessed in the later half of trading session with some respite on the back of Russia agreeing to talk with Ukraine. On the daily charts, it is trading just below its 200 Day EMA which is placed at 16,688, which should act as an important level. Moreover the structure of the index has turned negative and has been giving signs since last many trading sessions with the downward sloping trendline acting as a good resistance. Going ahead 16,850 should be taken out on closing basis for more possible upside till 17,000-17,050 levels. On the downside, if index starts trading below 16,400 levels we may revisit 16,200 levels and even further to 16,000.

With rising crude oil prices, supply disruption fears mounted following hefty sanctions on Russian banks. Brent crude futures rose by as much as $8 and touched as high as $113.02 a barrel, the highest since June 2014.

Coal India, HDFC life, SBI Life, Tata steel and Hindalco were among gainers on the Nifty, while losers included Maruti, Dr reddy, Bajaj Auto, Asian Paints & Hero moto.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex