Nifty closed with gains while Nifty Bank underperformed and ended with loss, The Short-term Trend is sideways now

NIFTY:

The NIFTY opened at 21982.55 with a gap down of just 15 points. The index initially moved down for the first five minutes of trading, found support just above 21900, and then bounced up. Prices have seen a sharp rally which took the index around 22200 levels. The index faced strong resistance there and started a consolidation process which lasted till the end. The index first recorded its intraday low at 21917.50 in the morning, then its intraday high at 22204.60 in the afternoon, and finally closed at 22146.65 with a gain of 148.95 points or 0.68% up. IT. MEDIA, OIL GAS, and METAL outperformed today, led the bulls, and closed with impressive gains followed by PHARMA and FMCG. BANK and FINANCIAL underperformed today and ended with a loss.

BANK NIFTY:

The BANK NIFTY opened at 46825.75 with a gap down of 62 points. The index continued moving lower but found support quickly and bounced up. A rally started which brought prices above 47200. However, the index faced strong resistance there, formed a narrow range, and eventually broke on the downside. A decline came which took the index negative zone. Prices have recorded its intraday low at 46565.55, its intraday high at 47231.50, and finally closed at 46830.85 with a loss of 56 points. PSU BANKs have outperformed today, saw a mild upside move, and ended with a gain of 0.70%. PSU BANKs have underperformed today, saw a mild decline, and finally closed with a loss of 0.46%. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AXIS BANK contributed the lowest. It was a tale of two halves in the BANK Index today. After opening with a gap down, prices have rallied sharply in the first half while moving down in the second half.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Railway stocks, bounced back with sharp gains on March 14 after correcting up to 15 percent earlier in the week. RITES, IRFC RVNL, IRCON International Ltd were among the stocks clocking up to 11 percent intraday gains. Many of these stocks have a little free float, as the government hold up to 86 percent stake in some of the companies. Because of the low float, a surge in demand can trigger rapid price moves.

• Engineering and construction company Transrail Lighting has filed draft papers with the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). The offer comprises a fresh issue of shares worth Rs 450 crore and an offer-for-sale of 1.01 crore shares by promoter Ajanma Holdings.

• The benchmark Indian indices traded flat with negative global cues weighing on the local market on March 14, a day after being marooned by a sudden rush to book profits. If the Nifty defends the 21,800 mark at close and survives above 22,050 (weekly closing), then it may resume a consolidation trading range between 21,800 and 22,200 for a few days, according to experts.

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

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