Daily Market Outlook – 8th March, 2021

NIFTY:

The Nifty opened at 14977.95 with a gap down of 103 points. The index first rallied and recorded its intraday high at 15092.35.After that prices fell down. From 11:00 AM to 1:30 PM, prices traded sideways and narrows and then again fell down to record its intraday low at14862.10. The Nifty has seen some recovery in the late hour of trading and finally closed at 14938.10 with a loss of 142.65 points. All the sectoral indices have closed with a loss led by Metals and Banks. Back to Back gap down and then intraday weakness forced the index to close below 15000. It was a volatile day where prices have seen moves in both directions. A trading range inside 14650-15200 remained intact so far. Prices are trading very volatile and random within these boundaries and did not give us any clear sense of direction. But since the overall nature of the markets is more bullish so traders can look to buy on dips if they find support intraday. As far as prices are trading within these levels we should avoid any carry forward trades. We should wait for prices to give us a sense of the likely next move. That sign may emerge if Nifty breaks above 15200 or comes close to 14650.

BANK NIFTY:

Bank Nifty opened at 35458.50 with a big gap down of 376 points. The index traded very random and volatile intraday. In this process prices have recorded first its intraday high at 35616.08 and then its intraday low at 34893.25 and finally closed at 35338.80 with a loss of 496 points. PSU Banks have significantly underperformed and closed lower by more than 4%. Private Banks also closed lower by almost 2%. Within the index, in terms of points Kotak Bank contributed highest while SBIN the lowest.

Bank Nifty opened with a gap down for the second consecutive day and closed lower. Intraday movement was very volatile and random. We have identified a trading range of about 1500 points within 35000 support and 36500 as resistance. We should wait for a decisive breakout from this range for any carry forward trades.

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