In a special edition of Editor’s Take, Zee Business Managing Editor Anil Singhvi said the markets (Nifty50) may see March 8 low levels of 15700-15900, if it doesn’t take a breather for a downfall at the 16100-mark. He suggested investors to avoid taking overnight positions. 

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According to Singhvi, the Nifty50 shall take support at 16100, as it on Monday morning broke the 16300 support, by slipping over 1 per cent. He believes the index may see March 8 low levels (15671 intraday and 15863 closing), if it failed to hold the above-mentioned support level.” 

The managing editor also suggested investors not keep an overnight position, and not keep it without hedging. The traders at present are worried about what stance (Buy/Hold/Sell) they should take, given the high volatility in the market, he added. 

Singhvi also urged investors/traders not to time for 500 points, if they have already left the 1000 points earlier, and expected that there are chances of more 10-15 per cent correction in the overall market and stocks.  

However, “If investors/traders do not have a risk management system and mark to management is then they must time the market, as a discipline is at its place but benefit should be looked first,” the managing editor also explained. 

The market analyst and TradeSwift Director Sandeep Jain has said that the market has been most volatile and it may decline further amid multiple negative factors such as inflation pressure, raw material prices concern, geopolitical tensions, and weak global markets among others. 

The Nifty50 has closed below 200-DMA (Daily Moving Average) decisively, technically it is weak too, Jain said, advising investors to be very cautious while trading on a short-term basis.  

Both the benchmark indices – Sensex and Nifty50 witnessed a gap-down opening. At around 11:30 AM, the BSE Sensex is down over 634 points or 1.16 per cent to 54201, while Nifty50 down over 158 points or 0.96 per cent to 16253-level.