The market will focus on the reduction of commodity prices & diplomatic development between Russia & Ukraine. If these global trends turn positive, the performance of the Indian market will be good or else it may get choppy. The market will also focus on inflation data to be released in India & US, and US Fed & BoE meeting is scheduled,” said Vinod Nair, Head of Research at Geojit Financial Services.

“We feel participants should continue with a cautious stance until the prevailing geopolitical tension further eases. Markets are offering opportunities on both sides however overnight risk and excessive volatility during the day are not easy to handle. The prudent approach is to focus more on risk management aspects,” said Ajit Mishra, VP Research. Religare Broking.

Index levels to watch

On the index front, “a decisive close above 16,800 could help Nifty inch towards the 17,200 zones. In case of decline, 16,000-16,200 zone would act as a cushion. Participants should focus on metal, IT, pharma, and select energy stocks for long trades while others may continue to trade mixed,” Mishra added.

“The short term uptrend of Nifty remains intact with high volatility. Having placed near the crucial overhead resistance of around 16800-17000 levels, there is a possibility of further consolidation movement for the short term. Weakness from the highs can’t be ruled in the coming session. Immediate supports to be watched at 16450 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.