New Delhi, March 6 : For fresh cues in the coming week, investors would remain focused on the Russia-Ukraine crisis and its impact on crude besides the state elections results of five states that went to polls recently, brokerage house Religare Broking said.
On the macroeconomic front, investors would keep an eye on IIP data scheduled to be released on March 11.
“Markets are gradually drifting lower amid excessive volatility and the prevailing scenario is pointing towards negativity to continue.We reiterate our downside target at 15,900 in Nifty while the immediate resistance has now shifted to 16,500 and major around 16,800 zone,” said Ajit Mishra, VP Research at Religare Broking in a note.
Along with banking, stocks having a high dependency on crude are witnessing tremendous pressure while resilience is metal, IT and select energy stocks are offering some breather to bulls, said Mishra, adding the brokerage recommends continuing with a selective approach and keeping a check on leveraged positions until the market stabilises.
Giving reference to the week that ended on Friday, Mishra said markets continued to reel under pressure in the holiday-shortened week as the war between Russia-Ukraine intensified.
“There were rounds of negotiations between the two countries but talks ended with no meaningful result.As a result, crude oil prices rose sharply to $119 which impacted sentiments.”
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