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Markets remained in volatile territory as the rollercoaster trading session finally ended, with bears emerging as winners on late selling pressure. The situation in the Russia-Ukraine standoff may have improved somewhat, investors are taking a cautious stance on other concerns such as a likely US rate hike and rising inflation. However, falling western markets prompted a quick sell-off during the close of business. Market indices ended negative in the highly volatile Feb. 16 session dragged by auto, banking, metals and IT stocks. At the close, the Sensex was up 145 points to 57996 and the Nifty was up 30 points to 17322. We remain under selling pressure at higher levels. 17600 is the key resistance level and until we break that on a closing basis the trend will continue to be sideways to bearish. We are in a trading zone and it is imperative that we are patient as the stops are large and unforgiving. Technically, the Nifty failed to sustain above the 50-day SMA, which is broadly negative. For the bulls, 17300 and 17250 would be the key support zones, while 17400 -17500 would be a key hurdle for the traders.
Resistance: 17350, 17425, 17575
Support: 17200,
17000, 16800
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