Volatile Movement In Both Indices Closed On A Negative Note

NIFTY:

The NIFTY opened at 17097.40 with a gap down of 54 points. The index initially moved lower but soon found support around 17050 and bounced up. Prices have rallied sharply, filled the gap, and moved further up toward the 17200 resistance. The index faced resistance there and started a down move which lasted till the end. Prices have recorded its intraday low at 17045.30 in the morning, intraday high at 17205.40 in the afternoon, and finally closed at 17076.90 near its day’s lows with a loss of 75 points or 0.44% down. FMCG, PHARMA, and METAL outperformed today and closed with a gain. REALTY, BANK, IT, and FINANCIAL underperformed today and closed with a loss. AUTO ended almost on a flat note. It was a volatile day today in the NIFTY index where prices have seen a sharp intraday rally in the first half while a sharp decline in the second half and finally ended almost at its opening tick. The short-term trend is sideways now which was down before. We have mentioned a narrow trading range with support around 16850 and resistance around 17200. The index tried to break this range but failed to do so. This range remained intact and prices have been moving within this range for the past eight trading days. As far as the index is trading within this range, we should prefer trading only on an intraday basis.

BANK NIFTY:

The BANK NIFTY opened at 39836.15 with a gap down of 122 points. The index rebound quickly and started moving higher after the first 15 minutes of trading. Prices have filled the gap and moved further higher to cross above 40200 but then started moving downside. The decline was very sharp. Prices have recorded its intraday low at 39552.50, intraday high at 40201.60, and finally closed at 39580.15 with a loss of 378 points PSU BANK has underperformed, saw a sharp intraday decline, and closed lower by 1.74%. PVT BANK has also moved down and ended with a loss of 0.85% Within the index, in terms of points, BANDHAN BANK contributed the highest on the upside while HDFC BANK contributed the lowest. BANK NIFTY traded very volatile as the index has seen multiple sharp swings in both directions. In the first half, the index moved higher while in the second halt, moved lower. The support is visible around 38500 while resistance is visible around 40000. This trading range remained intact. Prices have tried to break it on the upside but failed to do so. It has been 9 trading days since prices have been closing within this range. The trend is sideways now which was down before. We should wait for a close beyond the 38500-40000 trading range.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Federal Fiscal Deficit (Feb) 31st March, 2023 INR: Infrastructure Output (YoY) (Feb) 31st March, 2023	USD: Core Durable Goods Orders (MoM) (Feb) on 24th March, 2023 USD: CB Consumer Confidence (Mar) on 28th March, 2023

NEWS UPDATES

• Benchmark indices ended on a negative note in the volatile session on March 23 with Nifty below 17,100. At close, the Sensex was down 289.31 points or 0.50% at 57,925.28, and the Nifty was down 75.00 points or 0.44% at 17,076.90. About 1428 shares advanced, 1983 shares declined, and 127 shares unchanged.

• The Tata Group is contemplating injecting another $2 billion of fresh capital into its super app — Tata Neu — through the conglomerate’s digital arm, Tata Digital, reported Bloomberg, citing people familiar with the developments.

• Toshiba Corp. accepted a buyout offer from a Japanese consortium, according to people familiar with the matter, as the iconic conglomerate moved a step closer to ending a troubled chapter in its more-than-140-year history.

• From $11 million in 2014-15, Indians are spending over a billion dollars a month on foreign travel today, Despite an overall increase in travel costs, the easing of the Covid pandemic has led to a surge in demand for travel. Indians are on track to spend twice as much as this year they did over the whole of the 2021-22 financial year.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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