I have covered technical analysis of nifty 50 and have also covered various commodities like crude oil, gold and wheat.
Nifty is under selling pressure constantly because of the war between Russia and Ukraine and it is likely to fall more if the situation doesn’t improve soon.
Nifty is also likely to test 15800 and 15400 levels if the war continues for another 7 to 10 days.
On the upside 16800 is the major resistance area.
On the commodity side-
Gold is trading at an all-time high at $1975 per 100 ounces.
Crude oil is up by $15 in just 4 trading sessions and currently trading at $112 per barrel.
Wheat is up by 75% in just 3 trading sessions and trading at $1250 per lot.
Russia is the major exporter of wheat so the prices are going up drastically due to war and various sanctions on Russia by European countries and the USA.
The price of sunflower oil is also likely to shoot up in the domestic market because India imports most of its sunflower oil from Ukraine.
So, this increasing price of the essential commodities and falling rupees will put further pressure on the Government which will lead to delay in the fresh investments in the economy which in turn will affect the income and demand for goods in the country.
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