28 Feb , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets began Monday’s trading session deep in the red, extending last week’s bearish momentum. Sensex opened with losses and was soon trading more than 900 points lower, giving up the 55,000 mark. Nifty 50 was down 1.65% slipping below 16,400. Bank Nifty was down 2%. Volatility continued to mar market sentiment as India VIX rose surged 10% to regain 29 levels. Power Grid and Tata Steel were the only two Sensex stocks in green while Asian Paints, HDFC Bank, and Dr Reddy’s were the top laggards, falling more than 2?ch.
Commodity prices traded mixed with most of the commodities in the non-agro segment kept volatile trading for the week. Bullion prices continued to soar on geopolitical risk while crude oil prices extended gains on tight supplies over geopolitical tensions. Base metals kept firm trading on strong demand and lower inventory levels with Nickel and Aluminium soared on supply disruption fear from Russia.
“We underestimated the upside potential of the relief rally on Friday, which saw Nifty breaching our upper bound by 138 points. But at 16720, Nifty is still held at the 38% fibo of the down move since 16 Feb. This prompts to continue playing a consolidation, but on either side of 16580, with 16420 and 16720 as the breakout points,” said Anand James – Chief Market Strategist at Geojit Financial Services.
“Data was positive on Friday, however, geopolitical tensions remain at elevated levels. India VIX below 25 levels should help soothe the nerves. Nifty support is seen at 16490. Resistance at 16800,”
The geopolitical jitters dominated the previous week that triggered a spike in crude oil. As a result, the Nifty 50 index breached key support of 16800, contrary to our expectation. The weekly price action formed a bear candle in NSE’s Nifty 50 index in carrying lower high-low, indicating extended correction. Meanwhile, lower shadow signifies supportive efforts in the vicinity of 52 weeks EMA.
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