THE NIFTY, NIFTY BANK MOVED VERY VOLATILE AND ENDED WITH GAINS; THE SHORT-TERM TREND IS SIDEWAYS

NIFTY:

The NIFTY opened at 22053.95 with a gap up of 49 points. The index continued its early morning bullish momentum and saw a sharp upside rally. However, the index found resistance in the afternoon session and eventually broke on the downside. Prices have seen a mild recovery towards the end. The index first recorded its intraday low at 22052.85 in its morning trades, then its intraday high at 22193.60 towards the end, and finally closed at 22123.65 with a gain of 118.95 points or 0.54% up. REALTY outperformed and closed with a gain of 0.85% followed by OIL GAS and AUTO, IT and MEDIA under performed and closed with a loss of over half percent followed by FMCG and PHARMA. The short-term trend is sideways. The long-term trend is down while the long-term momentum bounced up from the weak zone. Both the momentums have aligned on the upside suggesting higher levels may be ahead.

BANK NIFTY:

The BANK NIFTY opened at 46643.45 with a gap up of just 20 points. The index continued moving higher and saw a sharp upside move for the first hour of trading. However, prices could not sustain there and then gradually moved lower for the rest of the day but saw a sharp upside surge towards the end. The index first recorded its intraday low at 46643.45 in its morning trades, then its intraday high at 46956.10 towards the end, and finally closed at 46851.15 with a gain of 228 points. PSU BANKs have underperformed, saw a sharp downside move, and ended with a loss of 0.97%. PVT BANKs have outperformed, saw a mild upside move, and closed with a gain of 0.60%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while SBIN contributed the lowest. The short-term trend is sideways.

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UPCOMING ECONOMIC DATA

NEWS UPDATES

• Indian benchmark indices closed firmly in the green on March 27, buoyed by buying in infra, realty stocks. The Sensex closed 526.01 points, or 0.73 percent, higher at 72,996.31, and the Nifty ended 119 points, or 0.54 percent, up at 22,123.70.

• The city of Bengaluru dominates when it comes to setting up of semiconductor Global Capability Centres (GCCs) in India, according to a report by Nasscom and Zinnov. Government-led initiatives aimed at fostering indigenous semiconductor production in India have significantly increased investment over the years, the report highlighted.

• Pune-based jewellery retailer PN Gadgil Jewellers has filed documents with the capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,100 crore through an initial public offering (IPO). The offer is a mix of fresh issue of equity shares worth Rs 850 crore and an offer-for-sale (OFS) of Rs 250 crore worth of shares by promoter SVG Business Trust.

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

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