It was a wild day for Dalal Street investors as geopolitical tensions rattled global markets after Russia deployed troops to eastern Ukraine. However, Indian equity benchmarks – Sensex and Nifty50 – recovered most of their intraday losses at the end of the session when each fell more than 2%. Watch CNBC-TV18’s latest coverage of the Russia-Ukraine conflict

What does the chart say about Dalal Street now?

According to HDFC Securities technical research analyst Nagaraj Sheti, the Nifty50 has formed a long bullish candle on the daily chart, which indicates a bullish recovery from lower levels.
It once again held the key low support at 16,800. “That could be a small positive for the bulls,” he said. (Key factors affecting the market)
volatility
Siddhartha Khemka, chief retail researcher at Motilal Oswal Financial Services, said there was no immediate relief on the part of Russia and Ukraine, with rising oil prices adding to the negativity in the market. He expects the February 24 F&O expiration to remain volatile.
The VIX volatility gauge rose 16.4% to 26.7, its highest close since Feb. 26, 2021.
“Nifty has now managed to close above the key 17k level, with 16,800 being a key support last month. However, global weakness and a steady FII sell-off could add pressure in the near term,” he said.
Here are the key things to know about the market ahead of the February 23 trading session:
SGX skilled
Singapore Exchange (SGX) Nifty futures, an early indicator of the Nifty index, were up 82 points, or 0.5%, at 17,220.5 by 7.38am on Wednesday, signaling a good start on Dalal Street.
Global Market
Stocks in other Asian markets were mixed as investors closely watched updates on the situation between Russia and Ukraine following the move of Russian troops near Ukraine and preliminary Western sanctions. MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.1 percent.
Japan’s Nikkei 225 fell 1.7%, while Singapore’s Straits Times fell 0.6%. China’s Shanghai Composite rose 0.3%, Hong Kong’s Hang Seng gained 0.7% and South Korea’s KOSPI rose 0.2%.
Crude oil prices were just below a seven-year high hit on Tuesday.
S&P 500 futures rose 0.5% in a positive sign for Wall Street.
The three major U.S. stock indexes closed down between 1% and 1.4% on Tuesday, with the S&P 500 confirming its first correction since the 2020 coronavirus pandemic caused stocks to tumble.
What to Expect on Dalal Street
Sheti of HDFC Securities believes the short-term trend for Nifty remains weak. “One can expect a modest rebound or a rebound from slightly lower levels in Wednesday’s session … the index is expected to pull back from highs of 17,300-17,400 over the next few sessions,” he said.

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