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Markets to remain volatile this truncated week

Monday, March 04, 2019
By Dominic Rebello

Last week the benchmark BSE Sensex rose 192.33 points, or 0.57%, while the broader NSE Nifty gained 71.35 points, or 0.69 per cent. This was the second straight weekly gains for the index.

The markets witnessed a highly volatile trading week led by a series of domestic and global events. The benchmark indices started the week on a strong note led by positive developments between US-China. However, the rally was short lived as geo-political tensions between India and Pakistan took centre stage. The de-escalation of tensions and supportive global cues led to a healthy rally in Indian markets on the last day of the week.

“We expect markets to remain volatile in the near term. Signs of de-escalation of tensions between India and Pakistan is encouraging for Indian markets. However, any negative news on this front going forward would keep the markets volatile. Globally, progress on US-China trade war, crude oil and currency movement would be actively tracked by the investors, said  Jayant Manglik, President, Religare Broking Ltd.

“With the earnings season now over, the macros will take charge. Global as well domestic factors have a higher probability of driving the Indian bourses going ahead, but uncertainty will prevail given the political scenario in the country. Market participants are eagerly waiting for the announcement of election dates the next week,” said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

According to Debabrata Bhattacharjee, Head of Research, CapitalAim, “There is a tug war between the bulls and bears around 200 DMA level, where the bears seem to prevail. Going forward Nifty benchmark is looking in a range bound trade ahead in the near and medium term. The support for the index in lower side is 10730-10700 while it can face resistance around 10900-10950. A sustainable move above 10950 could form more bullishness in near term towards 11000 or 11200 level.”

Markets will remain close today on account of "Mahashivratri".

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