Both Indices Closed On A Negative Note For The Second Consecutive Session

NIFTY:

The NIFTY opened at 17076.20 without any gap. The index initially moved lower but soon found support around 17000 and started a process of consolidation. That consolidation eventually broke on the downside in the afternoon after the index recorded its intraday high at 17109.45 in its initial trades. Prices have seen a sharp decline afterward which lasted till the end. The index recorded its intraday low at 16917.35 and finally closed at 16945.05 near its day’s lows with a loss of 131.85 points or 0.77% down. All the sectoral indices have closed lower. MEDIA, METAL, and REALTY led the bears today and ended with a loss of over 2%. IT and PHARMA contributed the least as they ended with a loss of just 0.25%. It was again a volatile day in the NIFTY index. The short-term trend is sideways which was down before. We have mentioned a narrow trading range with support around 16850 and resistance around 17200. This range remained intact. We may see a breakout in the next week.

BANK NIFTY:

The BANK NIFTY opened at 39555.25 with a gap down of just 25 points. The index initially moved lower but soon found support and turned up The index has seen a sharp intraday rally and recorded its intraday high at 39767.90. Prices then started drifting downwards and recorded its intraday low at 39294.90. The index finally closed at 39351.80 with a loss of 229 points. PSU BANK has underperformed, saw a sharp intraday decline, and closed lower by 2.14%. PVT BANK has also moved down and ended with a loss of 0.58% Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while SBIN contributed the lowest. BANK NIFTY again 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 half, moved lower and finally ended with a loss for the second consecutive trading day. A narrow trading range remained intact for the ninth consecutive trading day with support around 38500 and resistance around 40000. On the weekly timeframe chart, the index made a pattern of DOJI after a downside move which signalled a likely reversal.

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

• Benchmark indices ended lower on March 24 with Nifty below 17,000. At close, the Sensex was down 398.18 points or 0.69% at 57,527.10, and the Nifty was down 131.90 points or 0.77% at 16,945. About 1030 shares advanced, 2381 shares declined, and 130 shares unchanged.

• Five executives at Nykaa have resigned, a spokesperson said on Friday, the latest departures at the beauty company amid intensifying competition and a falling stock price.

• In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal’s Vedanta Ltd has withheld about USD 91 million from the share of profit due to government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue.

• State Bank of India (SBI) Chairman Dinesh Kumar Khara on March 24 said banking system deposits are not necessarily a competition to mutual funds, although overlapping in certain areas.

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

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