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Home / Markets / Stock Markets /  Stock market today: Key factors and Sensex, Nifty levels to watch on Tuesday
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Reversing its early gains, the BSE Sensex plunged by 571 points or nearly 1% at close on Monday with Nifty also falling nearly 1%, following losses in banking, oil, FMCG and IT stocks on surging oil prices amid prolonged Russia-Ukraine war.

Asian stocks were mixed on Tuesday. Meanwhile, SGX Nifty indicates a flat to negative opening for the Indian stock market today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.

"After witnessing a sharp recovery of around 10%, there is some fatigue visible in Indian markets with profit booking emerging at higher levels. The ongoing Russia Ukraine conflict and fluctuation in oil prices amid supply constrain is likely to keep investors on edge. For the near term, 17,000 may act as a strong support. While traders need to remain cautious of sharp volatility, investors can gradually add quality blue chip companies in their portfolios," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

“The market has witnessed an excellent upside breakout of the important cluster resistance of around 16800-17000 levels in last week. We also observe a formation of higher highs and lows during its recent upside bounce, which indicate a strength of an upside bounce. Hence, these market action signal chances of limited decline down to 17000 levels in the next few sessions, before showing another round of upside bounce from the higher bottom," said said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

The profit booking of Monday seems to have not damaged the recent uptrend of the market. There is a possibility of upside bounce in Nifty from near the crucial lower support of 17,000 levels in the next 1-2 sessions, he added.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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