Narrow Movement In The Market, Both Indices Ended Almost On A Flat Note

NIFTY:

The NIFTY opened at 17177.45 with a gap up of 70 points. The index could not sustain at the higher levels and started drifting downwards after the opening tick. Prices have recorded its intraday high at 17207.25, saw a down move of almost 100 points, and then started a process of consolidation. The consolidation continued till the end. The index recorded its intraday low at 17107.85 and finally closed at 17151.90 near its day’s lows with a gain of 44.40 points or 0.26% up. PHARMA outperformed today and closed with a gain of over 1% followed by AUTO, FMCG, and FINANCIAL MEDIA REALTY, and METAL underperformed today and closed with a loss. Back to back two narrow range days suggesting that the index is ready for a sharp move one way or the other. The market is now awaiting the outcome of the FED meeting which is scheduled for today. We will see its effect on Indian markets at tomorrow’s opening. The short-term trend is down. We have mentioned a narrow trading range with support around 16850 and resistance around 17200. This range remained intact and prices have been moving within this range for the past seven trading days.  As far as the index is trading within this range, we should prefer trading only on an intraday basis.

BANK NIFTY:

The BANK NIFTY opened at 40036 with a gap up of 169 points. The index could not sustain at the higher levels and started drifting downwards after recording its intraday high at 40085.60. Prices soon found support and then started a consolidation process. The index moved very narrowly afterward, recorded its intraday low at 39837.80, and finally closed at 39958.85 with a gain of 91 points. PSU and PVT BANK both indices have performed almost the same today, saw a sharp intraday rally and closed higher by 0.83% &0.38% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC BANK contributed the lowest. BANK NIFTY traded very narrow today and ended almost on a flat note with minor gains. After opening with a gap up, the index moved down first and then moved sideways. The intraday range was very narrow today as prices have moved within a range of just 248 points. The support is visible around 38500 while resistance is visible around 40000. The index has bounced up from the support zone, reached the resistance zone, and now respecting this level. The trend is still down. We should wait for a close beyond the 38500-40000 trading range. We should avoid taking carry-forward trade as far as the index is trading within these two levels and shift our focus to intraday trading only.

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: New Home Sales (Feb) on 23rd March, 2023 USD: Core Durable Goods Orders (MoM) (Feb) on 24th March, 2023

NEWS UPDATES

• Benchmark indices ended higher in the volatile session on March 22. At close, the Sensex was up 139.91 points or 0.24% at 58,214.59, and the Nifty was up 44.40 points or 0.26% at 17,151.90. About 1993 shares advanced, 1421 shares declined, and 128 shares unchanged.

• Sobha Ltd shares fell nearly 5 percent on March 22 after the real estate developer informed exchanges that the income tax department was carrying out a raid on its registered office and other premises.

• Zomato’s new version of its ‘Gold’ loyalty programme is helping it win market share from rival Swiggy, according to a report by HSBC. It said that the market shares of Zomato and Swiggy are expected to diverge to 57 percent and 43 percent, respectively, in FY24.

• India’s Adani Airports, part of billionaire Gautam Adani’s conglomerate, will bid for more airports in the country in its ambition to become the leading airport operator there, Chief Executive Arun Bansal said on Wednesday.

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

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