A Trading Range Remained Intact With Directionless Market

NIFTY:

The NIFTY opened at 16984.30 with a gap up of 39 points. The index initially moved lower, filled the gap but soon found support and started an upside move. The rally faced strong resistance around 17050 and started a consolidation process within the 16980-17050 range. That range eventually breaks on the upside and prices have rallied higher. However, another decline came in the last hour of trading and prices finally closed at 16985.70 almost at its opening tick with a gain of 40.65 points or0.24% up. The MEDIA and REALTY led the bears today and ended with a loss of over 1% followed by AUTO. PHARMA outperformed today and gained 1.08% followed by FMCG which ended 0.28% higher. It was a volatile day today in the NIFTY index where prices moved sharply in both directions and finally ended near the opening tick with marginal gains. It was also a narrow-range day as prices remained within the previous day’s trading range.

BANK NIFTY:

The BANK NIFTY opened at 39484.70 with a gap up of 133 points. The index initially moved lower but soon found support and turned up. Prices have found resistance and turned down. The index again rallied, this time more sharply and recorded its intraday high at 39695.20. Prices have again moved down towards the end, recorded its intraday low at 39273.75 and finally closed at 39309.45 with a loss of just 42 points. PVT BANK has underperformed today, saw an intraday decline, and closed lower by 0.17% PSU BANK has outperformed today and closed with a gain of 0.26%. Within the index, in terms of points, SBIN contributed the highest on the upside while ICICI BANK contributed the lowest. The index first breaks the high recorded around 39500 and then breaks the low also recorded around 39320, Since we suggested taking two trades so we incurred a loss of almost 360 points. A narrow trading range inside 38500-40000 remained intact.

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: CB Consumer Confidence (Mar) on 28th March, 2023 USD: Pending Home Sales (MoM) (Feb) on 29th March, 2023

NEWS UPDATES

• NIFTY:

  Benchmark indices ended marginally higher on March 27 amid high volatility. The Sensex was up 126.76 points or 0.22% at 57,653.86, and the Nifty was up 40.70 points or 0.24% at 16,985.70. About 899 shares advanced, 2649 shares declined, and 138 shares unchanged.

• NIFTY:

  Oyo Hotels is reducing the shares it aims to sell via a stock-market debut by about two-thirds, an effort by its founder to get the sale done even after tech valuations plunged.

• NIFTY:

  Mamaearth CEO and co-founder Varun Alagh on March 27 “dismissed” as baseless the reports that said the skincare company had scrapped its initial public offering (IPO) plan.

• NIFTY:

  India has reported 1,805 new coronavirus cases, while the active cases have surpassed the 10,000-mark after 134 days, according to Union Health Ministry data updated on March 27.

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

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