THE NIFTY, NIFTY BANK RALLIED HIGHER DURING THE DAY AND ENDED WITH SOME GAINS, THE SHORT-TERM TREND IS SIDEWAYS.

NIFTY:

The NIFTY opened at 21932.20 with a big gap down of 80 points. The index initially saw a minor dip but soon found support and bounced up sharply. A rally started which took the index above 22000 levels comfortably. The index then consolidated and saw a breakout. However, another dip came towards the end and erased some gains. The index first recorded its intraday low at 21883.30 in its morning trades, then its intraday high at 22180.70 towards the end, and finally closed at 22096.75 with a gain of 84.80 points or 0.39% up. All the sectoral indices have moved in line with the NIFTY and closed with gains except IT which ended with a loss of over 2%. AUTO, MEDIA, PHARMA, and REALTY led the bulls today by ending with a gain of ver 1%.

BANK NIFTY:

The BANK NIFTY opened at 46674.85 with a big gap up of 304 points. The index initially consolidated and then broke higher. A rally started but found resistance quickly and the index started moving lower. Prices have found support in the afternoon and then started moving sideways which lasted till the end. Prices first recorded its intraday high at 46990.25, then its intraday low at 46570.15, and finally closed at 46679.25 with a gain of 309 points.

PSU BANKs have outperformed today, saw a sharp upside move, and ended with a gain of 2.14%. PVT BANKs have also moved up today, saw a mild upside move, and closed with a gain of 0.88%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICI BANK contributed the lowest. BANK NIFTY moved very volatile for yet another session and closed with decent gains. A gap-up opening did sustain today but prices could not add much to the opening tick and ended very near to it. The intraday range was normal today as the index moved within 420 points.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Asian equities climbed on Tuesday but could not break this month’s highs as mixed messages from U.S. Federal Reserve policymakers left doubts hanging over the timing of interest rate cuts.

• As Boeing flies into a rough patch, the impending exit of the chief executive later this year is going to deepen the crisis at the aircraft manufacturer. On another front, Adam Neumann has renewed his love for WeWork and is making attempts to regain the reins. Elon Musk’s X fails to blame the watchdog for slump in advertising revenue. All these and more on the March 26 edition of World Street.

• Avendus Wealth Management managing director and chief investment officer Saurabh Rungta thinks the correction in mid and smallcaps though healthy isn’t done yet. Some more correction might be on the way and it would be best for investors to stay cautious, Rungta, who has over two decades of experience in both Indian and global markets

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

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