According to one of the reports of ICICI direct, Indian market were likely to open at a flat rate due to flat global cues.
Nifty has opened in red turning the whole scenario into a negative phase. The Nifty Bank is trading at lower levels along with Nifty Midcap and Smallcap trading at flat levels.
So far, the Nifty has opened at 14,750 levels shedding 48.50 points in the opening session.
The Sensex is also currently down at 191.40 points at 50064.35 levels.
Since the morning, market has seen continuous reactions on the newly released Union Budget 2021. Some quarterly results were likely to be neutralized because of uncertainty in the US market.
Apart from this, the Nifty earlier was still on track of resuming positive short-term gains. We can see a little volatility in the nearby period.
Currently the Nifty has a resistance around 14,800 levels. Minor profit booking can take place with the opening of the market at 14,800 – 14,900 levels.
As per the pre-opening session, the immediate hurdle was placed at 14,750 levels.
Experts were rolling out their further opinions that Nifty 50 can still move up in the medium term.
The index could move up to the highest level at 16,000 whereas on the downside it can tumble down to 13,450 levels. But now, the situation has changed with Nifty losing by 0.33 percent.
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