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The market has started flat on Monday. Nifty is seen in the range of 15900. At 9:16 minutes, the Sensex is down by 118 points at 53026, while the Nifty is trading at 15784 points. IndusInd Bank, Power Grid, Shree Cement and Sun Pharma are among the top gainers in D-Mart, while JSW, ONGC, Tata Steel, Hindalco are among the top losers.
The weakness of Nifty futures on the exchange on Monday is indicating a slowdown in the Indian markets. On Monday, SGX NIFTY is trading down 28 points (0.18) percent at 15717.50. It is expected that due to this, slowdown will also be seen in the Indian markets. On Monday, crude oil prices in Asian markets have seen a downward trend, yet it remains uncertain amid fears of rising inflation.
Due to tensions in Libya and sanctions imposed on Russia, there is no hope of much relief in this right now. Brand crude oil futures are currently trading at USD 111.28 per barrel, down 35 cents (0.3%).
Let us tell you that in the daily chart of Nifty 50, bearish candle like hammer was seen on Friday. Analysts believe that Nifty is moving in the consolidation range. In this, strong support is being seen on the range of 15500 to 15600, while the range of 15900 to 950 is seen as a strong resistance.