NIFTY LEVEL PREDICTION FOR WEDNESDAY 2 MAR 2022

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Nifty recovered initial losses in a volatile session today, extending gains into the second straight day ahead of the release of the country's official gross domestic product data. Gains in metals, oil & gas, and IT fueled the recovery while losses in financial & auto shares limited the upside.As a result of heightened geopolitical tensions following the imposition of new western sanctions on Russia over Ukraine, investors were still nervous.The sensex ended the day up 388.8 points at 56247, rebounding 1413 points from its lowest point of the day. The nifty settled at 16793, up 135.5 points from its previous close after dipping below the 16400 mark during the session.Today Hindalco,Tata Steel, Power Grid, JSW Steel, BPCL, Titan & Coal India closing between 3.5 % & 7.2 % higher  were among the top blue-chip gainers. On the other hand, HDFC Life, Dr Reddy's, Axis Bank, Mahindra & Mahindra, HDFC Bank, HDFC & Eicher falling between 1.6 % & three percent for the day were the worst hit among the 16 laggards in the nifty pack.Reliance Industries, Infosys, ICICI Bank & Tata Steel were the biggest contributors to the gain in both headline indices. Markets will remain shut on tomorrow for the Mahashivratri holiday.
SUPPORT : 16495,16201,15742
RESISTANCE:16954,17119,17578