Daily Market Outlook – 17th March, 2021

NIFTY:

The Nifty opened at 14669.10 with a gap up of 67 points. The index first moved up and recorded its intraday high at 15051.60. Prices did not sustain there for long. Around 11:00 AM prices have started drifting downwards, fallen almost 150 points and recorded its intraday low at 14890.65. Prices then traded choppy and sideways for the rest of the day and finally closed at 14910.45 with a loss of 19.05 points. The IT and FMCG have performed well and closed higher while Banks and Financials have led the bears. It was a volatile day in the Nifty where prices have seen wild swings in both direction and finally ended near its previous day closing price. A sharp decline in the middle of the trading session has erased all the morning gains and the Nifty ended just a tad above 14900 support. A trading range inside 14900-15200 remained intact. A breakdown of this range will give us a target of 14600.

Short term trend remains sideways. The range is very narrow. We may see a breakout on either side.

BANK NIFTY:

Bank Nifty opened at 35352 with a gap up of 139 points. The index recorded its intraday high at 35405 and then started moving down. Prices have seen mild rallies in between but the overall environment was bearish. PSU and Private Banks have both seen a decline for the whole day and closed lower. In terms of points Bandhan Bank contributed highest while ICICI Bank the lowest. It was a choppy day where prices have seen a decline with minor rallies. These rallies were being used to add or take fresh short positions.

A trading range of 35000-36500 has broken on the downside and index closed well below the 35000 support. Now this support should act as a resistance in the Bank Index.

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