Sensex has support at 57,000, Nifty at 16,600. Stay on sidelines for now

Markets are likely to remain volatile over the next few sessions. Traders and investors should stay on the sidelines till there is clarity on the impact of Omicron variant and US Fed policy

S&P BSE SENSEX
Outlook: Volatility has disrupted the positive sentiment

The last two sessions have seen the Sensex making efforts to cross the immediate hurdle of 59,000 level. That said, it has managed to hold the support of 100-DMA, currently placed at 56,800. However, the selling pressure has forced the index to drift towards the earlier reversal mark. The current volatility has disrupted the positive momentum and market participants are suggested to stay on the sideline. The index needs to demonstrate stability to regain the bullish bias. The support stays at 57,000.