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Below View On Post market view By Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd

The Sensex slips 637 points to 60,657, and the Nifty 190 points to 18,043. The Nifty Bank index falls 467 points to 42,959, while the Midcap index falls 357 points to 31,503.

On the global front, the head of the IMF has said that 1/3 of the world economy will be in recession in 2023. Rising interest rates, the Russia-Ukraine crisis, and the spread of the COVID case in China are also pressuring the market. But still, our domestic market is showing strength as compared to the global market ahead of the Union budget and Q4 earnings.

Technically, Nifty has closed near an important support zone of 18050–18000, which is also acting as an immediate demand zone to buy any dip. Below this, we may see some weakness towards the 100-DMA of 17900. On the upside, the vulnerable range is 18265–18300. Above 18300, we can expect a move towards 18370.

The market focus has shifted to a budget-related theme amid global volatility, where infrastructure, capital goods, and rural sector-related themes may continue to do well. Apart from that, the insurance sector is also gaining traction.

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