The Nifty, Nifty Bank moved Volatile today; Both Indices ended on a flat note; The Short-Term Trend is Sideways

NIFTY:

The NIFTY opened at 21843.90 with a gap up of just 26 points. The index consolidated for about a half hour and eventually broke on the downside. Prices have seen a sharp decline but found support just above 21700 and started moving higher. A sharp rally came which took the index above the early morning highs. However, the index found resistance quickly and then moved down towards the end followed by a sideways movement. OIL GAS outperformed, saw a sharp rally and closed with a gain of over 1% followed by REALTY and FMCG. METAL underperformed and saw a sharp decline followed by BANK, FINANCIAL, and PHARMA. The NIFTY closed on a flat note after moving very volatile during the day. Prices have seen some sharp swings in both directions and finally ended near its opening tick as well as yesterday’s closing tick. The short-term trend is sideways. The long-term trend is down now while the long-term momentum reached the weak zone yesterday.

BANK NIFTY:

The BANK NIFTY opened at 46392.90 with a gap up of just 59 points. The index initially moved up but soon found resistance and turned down. A sharp decline came which found support in the afternoon session. The index bounced up and rallied higher. Prices have crossed above early morning highs and then the rally fizzled out. Another decline came which took the index to a negative zone. Prices have first recorded its intraday low at 45828.80, then its intraday high at 46655.55, and finally closed at 46370.20 with a gain of just 37 points. PVT BANKs have underperformed, saw a mild intraday decline, and ended with a loss of 0.29%. PSU BANKs have moved sideways and closed with a minor gain of just 0.05%. Within the index, in terms of points, SBIN contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is sideways.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• The market closed with moderate gains on March 20 after a choppy session, as investors remained cautious ahead of the Federal Open Market Committee (FOMC) meeting outcome. The market failed to hold on to the opening gains and gyrated between gains and losses throughout the day but buying in auto and energy names helped the benchmark indices close higher.

• The Sensex and the Nifty reversed losses to end a choppy session higher on March 20. The Sensex closed 89.64 points, or 0.12 percent, higher at 72,101.69, and the Nifty gained 21.60 points, or 0.1 percent, to end at 21,839.10. About 1,564 shares advanced, 2,071 declined and 111 were unchanged.

• Agnikul Cosmos, an Indian private space startup, is poised to conduct a test launch of its rocket named Agnibaan SOrTeD (Suborbital Tech Demonstrator) on March 22. This rocket showcases a distinctive engine that is 3D printed, a technology that the Indian Space Research Organisation (ISRO) is still refining.

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

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