English
New Delhi: Sensex today fell over 1,500 points in early trade on Monday as Brent Crude Oil neared $140 per barrel. The oil prices rose around 10 per cent as the USA and Europe mull over the plan to ban oil imports from Russia. Nifty50, on the other hand, fell below 15,800, falling over 400 points. The shares of Maruti were trading the weakest.
Owing to the geopolitical tensions, the gold prices in India have come close to Rs 53,000 for 24-carat. The Russia Ukraine War has been going on for 12 days now and the battle is only intensifying. Even after two rounds of talks, no compromise has been reached.
According to Prashanth Tapse, Vice President (Research), Mehta Equities Ltd, “The SGX Nifty well below the psychological 16000 mark is indicating a gap-down start and most importantly, risk-off mode for our stock markets. Risk aversion will continue to be the preferred theme as investors shall run to safety on backdrop of Russia-Ukraine war. Technically, for the day, bears will be in the drivers seat with aggressive targets at 15811 mark. The Nifty options data for March series suggests Nifty is likely to be in a trading range of 15500-17000 zone.”
As of 9:25 AM, all the shares in the 30-stock Sensex were trading in the red. Maruti, Bajaj Finance and ICICI were the top losers. In Nifty, only 4 out of 50 shares were in the green. Maruti and Bajaj Finance were the top losers in Nifty.
On the strength of Rupee against the Dollar, Rahul Kalantri, VP Commodities, Mehta Equities Ltd. said, “USDINR 29March futures contract extended its gain and crossed its resistance level of 76.1000 last week. On the weekly technical chart a pair crossed its trend line resistance of 75.0600. MACD is showing positive divergence on the weekly technical chart and RSI is also fetching above 63 levels.”
He continued, “As per the weekly technical chart, we observed that a pair crossed its trend line resistance and showing strength on the weekly technical chart. Looking at the technical set-up, we expect a pair could show further strength in the upcoming sessions. We suggest buying in the pair above 76.3500 with a stop loss below 75.9500 on a closing basis for the targets of 76.5500-76.8000.”
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.
