Nifty And Nifty Bank Moved Lower For The Fourth Trading Day

NIFTY:

The NIFTY opened at 17160.55 without much of a gap. Initially, the index moved down but quickly turned around and saw an up move which faced resistance just above 17200. The index recorded its intraday high at 17224.65 and started drifting downwards. Prices have seen a sharp decline, then an upside surge, and then a decline that took the index below the 17000 mark. Prices have recorded its intraday low at 16987.10 and spent the rest of the day moving narrow and sideways. The index finally dosed at 17043.30 with a loss of 111 points or 0.65% down. All the sectoral indices have moved down today and closed lower except MEDIA and PHARMA. The IT, METAL, and REALTY led the bears today and ended with a loss of over 1% followed by AUTO and OIL GAS. The short-term trend is down. The index is making a classical pattern of lower highs and lower lows on the daily timeframe chart. As mentioned before, the first sign of a trend reversal will come when the index crosses above the previous swing low of around 17250. A strong support zone is visible around the 16800-17000 ranges, Resistance is visible around the 17250-17300 range. We should look for a trading opportunity on an intraday basis.

BANK NIFTY:

The BANK NIFTY opened at 39522.40 with a gap down of 105 points. The index initially moved lower, turned up quickly, and recorded its intraday high at 39768.50. Prices have moved down very sharply, found support around 39000, and turned up after recording its intraday low at 39132.60. Prices have spent the rest of the day within these two levels and finally closed at 39481.30 with a loss of 146 points. PSU BANK has underperformed today and ended lower by 1.90%. PVT BANK have also moved down today and closed lower by 0.41%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while KOTAK BANK contributed the least. The trend is down. In the last four trading days, prices have seen a down move of more than 2000 points and broke down a wide trading range inside 39800-41800 levels. The first sign of a reversal may emerge when the index doses above the 40000 mark. For the time being, we should avoid taking carry-forward trade and shift our focus to intraday trading only.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: FX Reserves, USD 17th March, 2023 INR: Infrastructure Output (YoY) (Feb) 31st March, 2023	USD: Crude Oil Inventories on 15th March, 2023 USD: Retail Sales (MoM) (Feb) on 15th March, 2023

NEWS UPDATES

• Indian benchmark indices ended lower for the fourth consecutive session on March 14 with Nifty around 17,050. At close, the Sensex was down 337.66 points or 0.58% at 57,900.19, and the Nifty was down 111.00 points or 0.65% at 17,043.30. About 1173 shares advanced, 2257 shares declined, and 109 shares unchanged

• The share price of Cipla hit a fresh 52-week low at Rs 858.15 apiece, shedding around 2.5 percent, on Tuesday after the company reportedly came under the lens of the income-tax department over potential tax violation and tax avoidance, according to a CNBC-TV18 report.

• India’s Wholesale Price Index (WPI) cooled down in February for the ninth consecutive month to 3.85 percent. Reduction in the prices of manufactured goods, fuel, and power drove lower wholesale price inflation, according to data released by the Ministry of Commerce & Industry.

• Shares of Exxaro Tiles tumbled over 1 percent to Rs 111.25 on Tuesday after the company said the GST department conducted a search operation at its Vadodara-based plant on March 13.

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

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