March 13, 2023: The markets in the US and Europe experienced weakness leading to a highly volatile trading session today with a continued downward spiral.
Financial stocks were hit hard as investors exited on fears that the collapse of US-based SVB could worsen the already negative sentiments due to rising interest rates and slowing global growth.
The market broke below the crucial support level of 17250, ending the day with a negative outlook.
Despite the bearish sentiments, the Nifty has major support levels between 17000 and 16900. On the upside, the index will encounter resistance at the 17250 and 17450 levels. Investors are advised to sell at 17350 and 17400 levels with a stop loss at 17450.
Alternatively, traders can buy between 17000 and 16900 levels with a stop loss at 16800 to mitigate risks.
Market Update by: Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
