Earthquake in the market! Nifty breaks 300 points, will there be a bounce back on Wednesday? Expert View (Image/AI)
Nifty Prediction for 4th March: The increasing tension between America, Israel and Iran has created panic in the global markets. The direct impact of selling pressure in foreign markets and rise in crude oil prices is visible on Dalal Street. Both Nifty and Bank Nifty have slipped below important levels. Although domestic economic data is still showing signs of strength, investors still remain cautious. In such a situation, let us know in the special show of ET Naav Swadesh how the stock market is going to behave on Wednesday after one day off.
Due to market decline
Due to increasing tension at the global level, there is chaos in the Indian market also. Nifty closed at the level of 24,850 with a huge fall of about 300 points. The market tried to recover during the day, but selling pressure remained dominant at upper levels. Bank Nifty also saw a big fall of about 700 points and closed near 59,840.
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Impact on these sectors
Due to rising crude oil prices, huge decline was recorded in tyre, paint and oil marketing companies (OMCs).
– Due to expensive fuel and cancellation of flights, there was a negative impact on the shares of aviation companies.
– Movement of crude oil and selling in tire stocks also affected the auto sector.
– War-like situation saw bullish action in defense stocks and drone related companies (like Coforge), along with strength in select metal pack counters.
What are the experts’ opinions for Wednesday?
Market experts Harish Jujare and Nandish Shah have given important tips for the coming sessions:
Analysis by Harish Jujare (Prithvi Finmart)
– Important Levels: 24,570 to 24,600 levels are a strong support zone for Nifty.
– India VIX: The surge in the fear indicator is increasing market volatility, which is a matter of concern.
– Until the geopolitical issue is resolved, investors should maintain a ‘cautious approach’. Instead of investing heavily, take a light position.
Analysis of Nandish Shah (KVP)
– India is highly dependent on crude oil. Oil reaching around $78-$80 is creating pressure for both the rupee and the market.
– If the war tension subsides in a day or two, the Indian market may see a spectacular ‘bounce back’ from lower levels, as India’s domestic data is still strong.
Conclusion and suggestions for investors
Investors need to be extremely cautious for the upcoming trading sessions. For now, it would be wise to adopt a ‘stock specific’ approach in the market. Till global conditions normalize, keep your positions limited and focus only on sectors that are showing strength in these difficult times.
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