Home/ Markets / Stock Markets/  Stock market today: SGX Nifty, key factors and levels to watch on Monday

Equity markets made a robust start to the new financial year on Friday, with the Sensex rallying over 708 points to recapture the crucial 59,000-mark. The BSE Sensex surged to settle at 59,276 whereas the NSE Nifty advanced over 1% to close at 17,670 on Friday.

Asian markets are mixed on Monday whereas SGX Nifty indicates a choppy start 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.

"Decline in crude oil prices and de-escalating Russia-Ukraine conflict is boosting the positive sentiments in the market. Bulls are now showing lot of strength with Nifty closing above key hurdles and at the highest level in 10 weeks. After a long stretch of underperformance – attractive valuations and hopes of resolution of war is creating interest in sectors like Media, Realty, Financials, Auto and Private Bank," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

In the coming days, the major focus of the market will be on Russia- Ukraine war, movement in crude prices and RBI’s policy announcement due this week. The volatility is expected to continue in the market until commodity prices subside and supply constraints get resolved, as per analysts.

Key levels to watch

"Going ahead, the trend is expected to remain positive. On the higher end, the price has resistance at 17750-17800; above 17800, the price may move towards 18000. On the lower end, support is visible at 17500," said Rupak De, Senior Technical Analyst at LKP Securities.

"The upside momentum seems to have picked up in the market after a small consolidation movement. The Nifty is expected to move towards 17800-18000 levels by next week, before showing another round of minor downward correction from the highs. Immediate support is placed at 17550," Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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

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Updated: 04 Apr 2022, 07:42 AM IST
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