Nifty And Nifty Bank Break Its Five Days Of Lower Closing Streak

NIFTY:

The NIFTY opened just below 17000 at 16994.65 with a gap up of 22 points. The index started moving lower after the opening tick and went below 16900.Prices have found intraday support around 16850, recorded an intraday low at the same place, and started moving higher. The index went above 17000 and started finding resistance around 17050.The NIFTY recorded its intraday high at 17062.45 and moved sideways towards the end. The index finally closed at 16985.60 with a gain of just 13.45points or 0.08% up. MEDIA outperformed today and closed with a gain of over 4% followed by FMCG and REALTY. METAL under performed today and closed with a loss of 2.58% followed by IT. On the basis of these two patterns, we can conclude that a short-term low may be in place. It will fail if the index moves below 16850. We have mentioned a support zone inside the 16800-17000 range and a resistance around the 17250-17300 range. The volatility is also high as the INDIA VIX is moving above level 16 for the past three days. We are expecting a relief rally or a brief consolidation here. We should look for a trading opportunity on an intraday basis.

BANK NIFTY:

the BANK NIFTY opened at 39061.70 with a gap up of just 41 points. The index started moving down after the opening tick and saw a sharp dip toward 38500. Prices have recorded its intraday low at 386 13.15 and then started moving higher. Prices have moved very volatile, recorded its intraday high at 39381.40, and finally closed at 392 10.10 with a gain of 190 points. PVT BANK has underperformed today and ended lower by 0.07%. PSU BANK has outperformed today and closed with a gain of 0.57%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The index breaks its five trading days of a lower closing streak and ended with gains today. It is possible that a short-term low may be in place and now we may see a relief rally or a consolidation here. We have to wait for confirmation first. Support is visible around 38500 while resistance is visible around 40000. The trend is still down and the volatility is also high. We should avoid taking carry-forward trade and shift our focus to intraday trading only.

TECHNICAL PICKS

DERIVATIVE PICKS

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: FX Reserves, USD 17th March, 2023 INR: Infrastructure Output (YoY) (Feb) 31st March, 2023	USD: Existing Home Sales (Feb) on 21st March, 2023 USD: Fed Interest Rate Decision on 22nd March, 2023

NEWS UPDATES

• Benchmark indices ended on positive note in the highly volatile session on March 16. At close,the Sensex was up 78.94 points or 0.14% at 57,634.84, and the Nifty was up 13.40 points or 0.08% at 16,985.60. About 1377 shares advanced, 2062 shares declined, and 107 shares were unchanged.

• Metal stocks were under pressure on March 16, with the Nifty Metal being the only sectoral index on the NSE that witnessed heavy sell off on the back of a fall in global base metal prices. Copper, Zinc, Aluminium and tin contracts saw deep cuts on the London Metal Exchange.

• As India’s headline inflation continues to be sticky at around 6 percent and the central bank also keeping its eye on the rupee stability along with uncertainty in the US markets and Fed impending decision, the RBI is likely to for one more rate hike in its next monetary policy committee meeting in April, members of the Economic Advisory Council (EAC) to the Prime Minister said.

• Zee Entertainment Enterprises has agreed to repay dues owed to IndusInd Bank as the company seeks to resolve insolvency proceedings initiated against it, Bloomberg reported. The move will help Zee to move forward on its merger with Sony Group unit to create a $10 billion media giant.

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

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