The market is showing unwillingness to fall again

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Alexey Antonov, ALOR BROKER 31 March 2023 11:30

The Russian stock market tried to go into correction yesterday, but failed. At the end of the day, the Moscow Stock Exchange Index increased by 0.2%. The Savings Bank has fallen by half a percent, but even this cannot be called a full-fledged correction after the previous rapid growth. Thus, the market once again demonstrates an unwillingness to fall.

Today, before our opening, the external background is neutral. There are no internal reasons for strong movements, so the day promises to pass quietly.

The oil industry is interesting: Rosneft, Lukoil and Gazpromneft. 

At any moment, black metallurgists can grow up decently. 

As for the Sber, the nearest technical support for the Sber is located in the area of 205 rubles.

We are closely watching Norilsk Nickel. The paper from top to bottom came up to the mark of 15 thousand rubles. If it does not stand, the technical picture will deteriorate dramatically.

The ruble still does not want to strengthen even on the growth of oil. Perhaps this is due to the fact that the demand for foreign currency from importers is growing. It is also possible that exporters are now selling less foreign exchange earnings than most of last year, because they have found a way to place currency in friendly jurisdictions.

In the meantime, it seems that the dollar-ruble pair is looking for a temporary equilibrium around the 77 mark. Any negative can provoke another mild wave of devaluation with the pair leaving closer to 80.

Alexey Antonov, Head of Investment Consulting at ALOR BROKER

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