Nifty & Nifty Bank Closed Lower Today After Two Days Of Relief Rally

NIFTY:

The NIFTY opened at 17066.60 with a gap down of 34 points. The index continued its bearish momentum and started drifting downwards after the opening tick. Prices have recorded its intraday high at the opening tick and saw a sharp decline towards 16800. The index found support before reaching there and then saw a sharp recovery. In the second half, the index recorded its intraday low at 16828.35, recovered more than 100 points, and finally closed at 16988.40 near its opening tick with a loss of 111.65 points or 0.65% down. FMCG outperformed today and closed with a gain of 0.79% followed by MEDIA. METAL underperformed today and closed with a loss of 2.35% followed by IT and REALTY. The boundaries of a narrow trading range are now clearly visible with 16850 on the lower side and 17200 on the higher. As far as the index is trading within this range, we should prefer trading only on an intraday basis. The volatility again rose today and it is likely to rise more as we have news events ahead. For the time being, we should step aside from taking carry-forward trades.

BANK NIFTY:

The BANK NIFTY opened at 395 12.10 with a gap down of 176 points. The index initially moved lower after recording its intraday high almost at the opening tick Prices found support quickly, turned up, and almost reached its morning high. The index again moved down with more pace and recorded its intraday low at 38941.90. Prices recovered smartly and finally closed at 39372.15 near its opening tick with a loss of 316 points. PSU BANK has underperformed, saw a sharp intraday decline, and closed with a loss of 1.74%. PVT BANK also moved down today and ended with a loss of 0.53% Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while SBIN contributed the lowest. As mentioned before, support is visible around 38500 while resistance is visible around 40000. The index is holding its support for the past few trading days and formed a narrow trading range. The trend is still down and the volatility is also high. 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. Wait for prices to break this range first.

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: Existing Home Sales (Feb) on 21st March, 2023 USD: Fed Interest Rate Decision on 22nd March, 2023

NEWS UPDATES

• Benchmark indices snapped two days of winning streak and ended lower on March 20 with Nifty around 17,000. At close, the Sensex was down 360.95 points or 0.62% at 57,628.95, and the Nifty was down 111.60 points or 0.65% at 16,988.40. About 1138 shares advanced, 2393 shares declined, and 125 shares unchanged.

• Wilful defaulters owe major private and public sector banks Rs 88,435 crore, up from Rs 75,294 crore in a year, a Moneycontrol analysis of the latest data from banks and TransUnion CIBIL, a credit information company, showed.

• Reliance Industries Ltd.’s ongoing capex should allow it to scale up its already industry-leading petrochem, telecom, and retail segments over the next two years, according to JPMorgan.

• Gold rose above $2,000 an ounce for the first time in more than a year after banking crises in the US and Europe triggered a return to haven buying. Bullion surged 6.5% last week in its biggest advance since the early days of the pandemic in March 2020 amid growing fears over Credit Suisse Group AG and as several regional American lenders collapsed.

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

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