Benchmark indices the 30-pack Sensex and broad-based Nifty fell in early trade on March 6 on mixed global cues. Any dip should be used as a buying opportunity as bullish undertone is intact, said analysts who expect the Nifty to move even higher after it goes past the life-time high of 22,450.
The Sensex and the Nifty were down 0.1 percent each at 73,485 and 22,306. India VIX, which measures volatility over the next few days, was marginally up to trade above 14 level.
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"On the higher end, the lifetime high zone of 22,450 is likely to be seen as the intermediate resistance for Nifty, and a decisive breach could only bring the mojo back in the markets and it could be ready to test 22,500-22,600 in the comparable period," said Sameet Chavan, Head Research, Technical and Derivative - Angel One.
On the other hand, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher said that Nifty needs to breach 22,200 level for a fresh further upward move in the coming days, with select counters like PSU banking stocks, auto, and energy picking up momentum.
Broader markets also declined on March 6 early trade, with Nifty Midcap 100 and Nifty Smallcap 100 indices down up to 1 percent.
Sectorally, Nifty PSU Bank, Realty, and Media indices declined 1 percent each. On the flipside, Nifty Financial Services and Nifty Private Bank indices managed to eke out marginal gains.
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Global markets mixed; all eyes on Fed's Capitol Hill testimony
Globally, all major US averages declined for the second consecutive day. Dow Jones, tech-heavy NASDAQ Composite, and the S&P 500 indices declined over 1 percent each as investors dumped largecap tech stocks.
On March 4, market participants will keenly watch out Federal Reserve Chairman Jerome Powell's Capitol Hill testimony as they seek clarity on monetary policy strategy going ahead and timing of anticipated rate cuts this year.
Meanwhile, Asian-Pacific markets were mixed this morning, with Hong Kong stocks leading gains in the region, while mainland Chinese stocks slipped. Japan's Nikkei 225 slipped marginally, while broad-based Topix edged 0.2 percent higher. Australia, too, was flat even as the economy grew more-than-expected in the fourth quarter.
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