Among other important triggers, the Indian markets will mainly react to global markets along with key corporate March quarter results such as Reliance Industries, Tata Power, and others, as well as the LT Infotech and Mindtree will also be in focus amid the merger announcement on Monday’s session.

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In a special edition of Bazaar Agle Hafte, Zee Business Managing Editor said that the effect of trading in the US markets will be seen on the stock market. Dow futures along with other key US indices will be monitored on Monday morning.

Amid the fall on Friday, the markets have become very light. Nifty will have support between 16,100 to 16,250, at the lower level. While at the upper level it will hold between 16,600 to 16,675, the Anil Singhvi suggested.

Similarly, Bank Nifty will have support between 34,000 to 34,100 and will stop between 34,900 and 35,100 at the upper level.

The Indian markets declined for the fourth straight week, wherein both frontline indices – Sensex and Nifty50 – were down 4 per cent each. Both the benchmark indices record the biggest weekly fall of 2022, the highest since November 2021. Except for CPSE, all sectoral indices slipped this week.

Ajit Mishra, VP - Research, Religare Broking Ltd said, “Markets will react to Reliance numbers in early trade on Monday and then focus would shift to the global cues. The increasing fear of aggressive rate hikes from the US Fed has spooked investors across the globe including India.”

“On the index front, the Nifty has tested the crucial support zone of 16,400 and indications are in the favour of prevailing decline to continue with some intermediate pause/rebound. In case of any rebound, the 16650-16800 zone would act as a hurdle.”

The market analyst suggested participants should align their positions accordingly and use rebound to create shorts.