Top 10 trading ideas for next 3-4 weeks as bears drag the market to 4-month low

The next support is placed at 200-day SMA of 17,368, which coincides with Budget day's low, as breaking this may drag the Nifty towards 17,000 level, whereas the near-term resistance is expected at 17,600 followed by 17,700-17,800

February 27, 2023 / 08:48 AM IST

Nifty may trade in 17,200 to 17,700 zone due to higher volatility.
Nifty may trade in 17,200 to 17,700 zone due to higher volatility.

The market faced severe selling pressure in the week ended February 24 and closed at a four-month low following a hawkish commentary by Fed officials and increase in US bond yields and the dollar index.

The Nifty50 shed 2.67 percent during the week, the biggest weekly loss since June 2022, to close at 17,466 and formed a large, bearish candlestick pattern on the daily charts, with decisively breaking 200-day EMA (exponential moving average 17,590). It also settled below long upward sloping support trendline adjoining the lows of March 2020 and of June 2022.

Hence, the next support is placed at 200-day SMA (simple moving average - 17,368) which coincides with Budget day's low as breaking of the same can drag the Nifty towards 17,000 level, whereas the near-term resistance is expected at 17,600 followed by 17,700-17,800 area, experts said.

"There is a possibility that the index may head towards 17,200-17,100 levels in the coming sessions as 17,700-17,750 will act as a strong resistance," Mitesh Karwa, Research Analyst at Bonanza Portfolio, said.

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Russia praises 'constructive' role of India's G20 presidency

 Following the G20 meeting of the finance ministers, which ended without a joint communique because of differences between G7 and Russia and China, Russia "noted" what it described as India's constructive role in the negotiations. In an official statement, the Russian foreign ministry said the Indian presidency strove for a fair consideration of interests and positions of all countries.
Russia said as a result of the "substantive dialogue" on topical financial issues, a wide range of demanded measures was agreed upon, designed to give an additional impetus to the global economy and financial markets.

"A significant contribution was made to these efforts by our country, BRICS partners and developing countries. We note the constructive role of the Indian Presidency, which strove for a fair consideration of interests and positions of all countries. The balanced approaches formulated in this context create a good foundation for responding to modern challenges in the area of global finance and related sectors, including support for economic growth and implementation of the Sustainable Development Goals," said the Russian statement.

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‘Chair summary’ not communique at G20 Leaders’ declaration after Russia, China opposition

‘Chair summary’ not communique at G20 Leaders’ declaration after Russia, China opposition

"Our opponents, primarily the United States, the EU and the G7, continue their paranoid attempts to isolate Russia and shift the blame for the provoked problems in the area of international security and the global economy onto it," it added, blaming the West for the failure to issue a joint communique.
The results of the meeting never received an agreed status and were released only as a statement by the chairman, and not as a joint work, said Moscow adding Russia and China expressed a "resolute protest" in this regard. Russia didn't want any mention of Ukraine as it believes G20 should remain an economic forum and not intrude into the security sphere.

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