The domestic market continues to hold steady within a range

Mumbai, March 5 (IANS) The domestic market experienced range-bound movement on Tuesday influenced by cautious global trends. Nifty 50 closed with a loss of 49 points at 22,356.30, and Sensex ended down 195 points at 73,677.13. The absence of stimulus from China dampened sentiments, but PSU banks outperformed.

According to Vinod Nair, Head of Research at Geojit Financial Services, the market was impacted by a cautious global trend ahead of the US Fed Chair’s testimony and key US jobs data. Mid and smallcap stocks underperformed due to high valuations, while the IT sector sustained losses amid concerns over rate cuts by the US Fed.

Rupak De, Senior Technical Analyst at LKP Securities, mentioned that the bulls and bears experienced minor clashes without a definitive outcome. The sentiment remains positive, with the index above the short-term moving average and the momentum indicator RSI showing a bullish crossover. Nifty needs to breach 21,400 levels for a potential rally towards 22,600 and beyond, with support at 22,200.