Transcription
Welcome to Zee Business's Managing Editor Anil Singhvi. Anil Sir, good morning. The kind of signals we are getting, and especially the rise in crude oil, will cause the market to fall for the fourth day. Good morning, Swati. See, the rise in crude oil and the gradual strengthening that is becoming visible is indeed a cause for concern. Indian markets are reacting to it. The main problematic thing is that if we fell yesterday, it was only because of this. Otherwise, you see, there is an atmosphere of rise everywhere – America, Asia. Other markets are not being affected much by crude oil. But our market is reacting, and the currency is also reacting. You can see that the Rupee weakened again yesterday. So, the signs of a weak start that you are seeing today from Gift Nifty are due to this crude oil pressure. Secondly, we have already entered the weekly expiry week yesterday. So, there is a little pressure, although the entire month has been good for the market so far. But in the last week, when this is the weekly expiry week for Nifty, a little negative pressure is being built because crude oil is slowly rising. The biggest problem is that now crude oil does not seem to be falling by more than $3 from any level. So, I think the market itself is a little stressed that if this war-like situation, which has been going on for 12-13 days, continues for a little longer, then the impact of currency and crude on Indian markets could be felt for a little longer. It is due to this fear that you are seeing some pressure in the markets today as well. Yes, absolutely sir, now what important levels should be noted for Nifty and Nifty Bank? Yesterday, we closed very close to 24,000 on Nifty, that is the make or break level, and today again we are poised to open with a gap down. So, naturally, there is some pressure. 23,775 and 23,900 will act as support for you today. It is also the weekly expiry for Sensex, so there can be some volatility. From this support level, Nifty can try to move up if it stops and wants to come up, this can be a small attempt. In this attempt, 2475 and 24,175 will be your resistance range. As far as Bank Nifty is concerned, 56,550 and 56,750 is the next support, which Bank Nifty might try to test today, and on the upper side, in the range of 57,550 and 57,750, in the range of 57,350 and 57,550, you will see some profit booking. Yes, thank you very much sir, levels noted. We will meet again in a while. Let's now find out about the June quarter results.