Stock Market Today: Nifty likely to be rangebound, crucial support at 22,000

Markets might take a pause this week, believes Siddhartha Khemka of Motilal Oswal Financial Services.

Markets in the US ended mixed on Friday. The Nasdaq ended lower by 37 points, while Dow Jones gained 120 in trade. Back home, both Sensex and Nifty ended marginally in the red after a volatile session. The Nifty ended at 22,212, while Sensex ender 15 points lower at 73,142.

Markets might take a pause this week, believes Siddhartha Khemka of Motilal Oswal Financial Services. “Market might take a pause ahead of various global economic data releases. US would be reporting its Q4 GDP numbers along with Initial jobless claim, PCE data and Consumer Confidence for the month of Feb. however the overall trend remains positive and thus we recommend investors to continue with buy on dips strategy,” he said.

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On the technical front, Shrikant Chouhan of Kotak Securities, says, “On daily and weekly charts, the index has formed higher high and higher low series formation, which supports further uptrend from the current levels. We are of the view that, as long as the index is trading above 22000/72500 the bullish formation is likely to continue. Above which, the market could move up till 22400-22500/73700-74000. On the flip side, below 22000/72500 the sentiment could change. Below 22000/72500, the market could retest the level of 21875/72080. Further down side may also continue which could drag the market till 21800/71800.”

Foreign Institutional Investors on Friday bought shares worth Rs 1,276 crore in the cash markets. On the other hand, flows from DIIs also remained positive as they added shares worth Rs 176.68 crore, provisional data from exchanges showed.

Top stocks to watch today are Reliance, Kotak Mahindra Bank, Rain Industries, Biocon, JSW Infrastructure.