The Nifty and Bank Nifty moved very narrow and volatile; The short-term trend is sideways

NIFTY:

The NIFTY opened at 21947.90 with a big gap down of 148.85 points. The index bounced up sharply after the open and tried to fill the gap but failed to do so. Prices have found strong resistance just below 22100 and saw a sharp dip which found support quickly. The index continued moving up and down for the whole day in a sideways manner. The index first recorded its intraday low at 21947.55 and its intraday high at 22073.20, both within the first 15 minutes of trading and finally closed at 22004.70 with a loss of 92.05 points or 0.42% up. REALTY outperformed today and closed with a gain of 1.57% followed by OIL GAS and METAL. MEDIA underperformed today and closed with a loss of 1.66% followed by IT, BANK, and FINANCIAL. The short-term trend is sideways. The long-term trend is down now while the long-term momentum has been moving inside the weak zone for the past few days.

BANK NIFTY:

The BANK NIFTY opened at 46552.95 with a big gap down of 297 points. The index rebounded quickly and moved up sharply but failed to fill the gap and turned down. A sharp dip came which found support quickly and the index again turned up. These up’s and down’s continued for the whole day and the index moved very volatile within a range. Prices first recorded its intraday high at 46788.35, then its intraday low at 46529.05, and finally closed at 46623.45 with a loss of 226 points. PSU BANKs have outperformed today, saw a mild upside move, and ended with a gain of just 0.10%. PVT BANKs have underperformed today, saw a sharp downside move and closed with a loss of 0.50%. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is sideways. However, the movement is very random and the direction is not very clear.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The last year’s astronomical rise in small-cap stocks, preceding the recent fall, invited not only closer regulatory scrutiny but also turned wealth advisors cautious and prompted investors to book some profit or cut portfolio allocations. The BSE Small Cap Index has fallen about 9 percent since its February high. This came after an almost 70 percent rise in the preceding 12 months.

• The markets broke three-day winning momentum and ended lower in the volatile session on March 26 with Nifty around 22,000 amid selling seen in the Information Technology, Bank and Media sectors. At close, the Sensex was down 361.64 points, or 0.5 percent, at 72,470.30, and the Nifty was down 92.10 points, or 0.42 percent, at 22,004.70.

• Less than 5 percent of stocks do so well in the “long, long term” and even the management cannot be sure of a 20-year time horizon, Arora wrote on the X platform, formerly Twitter. He was making the argument while retweeting another fund manager’s tweet.

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

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