Monday Hot Stocks: Under Pressure!
Will there be pressure on the stock market when the market opens on monday after a long weekend?
If the Nifty falls, it can go up to the level of 17,250, while on the rise, it may data-face resistance in the zone of 17,650-17,750.
The benchmark NSE Nifty50 index of the indian stock market closed down 0.31% at 17,475.65 on Wednesday. The S&P BSE Sensex closed 0.41% lower at 58,338.93. The 10-year benchmark bond yield closed at 7.2148% while the rupee closed at 76.1750 against the dollar. On the other hand, both BSE and NSE were closed for trading on thursday and friday due to public holidays.
Now there is a possibility of pressure on the indian stock markets when the market opens next Monday. On the other hand, most of the Asian markets remained in the red today after negative gains from Wall Street. Rising inflation and the Ukraine-Russia war added to the uncertainty of the global economic recovery from the COVID-19 pandemic. At the same time, european and American stock markets are closed today.
If it breaks from here, then zones of 17,250 can also be seen in it. On the other hand, when it comes to rebounding, the zone of 17,650-17,750 remains an immediate resistance.
Result of hdfc bank will release on 16 april 2022. Infosys declared the results after the market closed on Wednesday. Its sales figures beat analysts' estimates.
Yesha Shah of Samco Securities said, “The index has formed an evening star candlestick pattern on the weekly chart, which gives a bearish signal.A similar trend is visible in broader indices as well. The overall structure of the market seems to be bearish.
If the Nifty falls below the level of 17,450, it can go back to the 16,900 zones.On the other hand, if a move above the resistance level of 17,850 is seen, the bearish outlook could be seen to end.
According to the news published in Mint, the central banks of America, Canada, and britain have started raising interest rates to control prices. In addition, the market is watching the Russia-Ukraine crisis as russia is a major supplier of oil and gas globally. Apart from this, russia and ukraine are also big players in the business related to the grain sector.