Stock Market: What’s dragging market today?

Stock Market: “Indian markets witnessed a sharp fall on the back of rising geopolitical tension between Russia and Ukraine. This geopolitical tension is leading to a sharp rise in crude oil prices which is another headwind for Indian equity markets.

World markets were trying to digest record inflation in the US but the surge in geopolitical tension spoiled the mood. There is some sentimental impact of the bank fraud issue of ABG group on banking stocks but it doesn’t have a material impact as it is already part of NPA.”

“Technically, Nifty is trading near-critical demand zone of 17000-16800, and the ‘buy on dip’ texture will be continued till Nifty trades above 16800 level its 200-DMA however, there are multiple resistances on the upside till 17650 where 17300/17500 are immediate hurdles. There are no worries till Nifty trades above the 16800 level but if Nifty slips below 16800 then things may become ugly.”

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