The Nifty, Nifty Bank moved narrowly today and ended with a loss; The Short-term trend is Sideways

NIFTY:

The NIFTY opened at 21946.45 with a gap down of 109 points. The index initially consolidated for about a half hour and eventually broke on the downside. Prices have seen a sharp decline but found support quickly and then again started moving sideways. This time the index continued moving sideways till the end. The index first recorded its intraday high at 21978.30 in its morning trades, then its intraday low at 21793.10 towards the end, and finally closed at 21817.45 with a loss of 238.25 points of 1.08% down. All the sectoral indices have moved in line with the NIFTY and closed lower. IT, MEDIA, PHARMA, and FMCG underperformed today and led the bull by closing over 2% lower followed by OIL GAS. The short-term trend is sideways. We have been tracking a support level around 21900 while a resistance level around 22500. The index has been moving within the above-mentioned level for over 4 weeks but today broke down. The long-term trend is down now while the long-term momentum has reached the weak zone today.

BANK NIFTY:

The BANK NIFTY opened at 46421.90 with a gap down of 196 points. The index bounced up but missed the gap filing by a few points and started moving downwards after recording its intraday high at 46602.35. The decline stopped quickly and then the index started moving sideways. That sideways movement continued till the end. Prices have recorded its intraday low at 46258.75 and finally closed at 46333.10 with a loss of 284 points. PSU BANKs have significantly underperformed today, saw a sharp intraday decline, and ended with a loss of 1.56%. PVT BANKs have also moved down today, saw a mild downside move, and ended with a loss of 0.31%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. The short-term trend is sideways.

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UPCOMING ECONOMIC DATA

NEWS UPDATES

• Benchmark indices the Sensex and the Nifty fell over a percent on March 19, dragged by index heavyweights like TCS, Infosys and HDFC Bank. The negativity in Hong Kong and China markets after the Bank of Japan’s decision to hike interest rates after 17 years spilled over to the Indian market.

• State-owned REC’s board on Tuesday approved a third interim dividend of Rs 4.5 per share with face value of Rs 10 each for 2023-24. Earlier, the company has already announced two interim dividends, totalling Rs 6.5 per share for the current fiscal.

• Indian oil refiners are on track to take the most American crude in almost a year after tighter enforcement of US sanctions crimped trade with Russia and forced processors to look elsewhere for supply. State-owned Bharat Petroleum Corp. and Indian Oil Corp., along with top private refiner Reliance Industries Ltd., have purchased about 7 million barrels of April-loading US crude so far this month.

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

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