THE NIFTY RESUMED ITS DOWNMOVE AFTER ONE DAY OF A RELIEF RALLY; NIFTY BANK CONTINUED CLOSING LOWER FOR THE SIXTH TRADING DAY

NIFTY:

The NIFTY opened at 22064.85 with a gap down of 82 points. The index initially moved up and tried to fill the gap but failed to do so and recorded its intraday high at 22120.90. Prices have seen a sharp intraday decline which took the index below 22000 levels again. The index found strong support just above 21900 in the afternoon trades and started a consolidation process. The sideways movement lasted till the end and prices have recorded its intraday low at 21931.70. The index finally closed at 22023.35 with a loss of 123.30 points or 0.56% down. METAL and FMCG outperformed today and closed with minor gains. OIL GAS and AUTO underperformed today, led the bears, and closed with a loss of over 1.50% followed by PHARMA. The NIFTY resumed moving lower after one day of a relief rally and ended the day with a loss.

BANK NIFTY:

The BANK NIFTY opened at 46572.10 with a big gap down of 258 points. The index initially moved up, filled the gap in no time but then found strong resistance there. Prices then moved down and then formed a consolidation in the afternoon. The index kept on moving sideways till the end. Prices first recorded its intraday high at 46802.55 then its intraday low at 46310.50, and finally closed at 46545.30 with a loss of 285 points. PSU BANKs have underperformed today, saw a mild downside move, and ended with a loss of 0.35%. PVT BANKs have moved sideways today and finally closed with a loss of just 0.04%. Within the index, in terms of points, FEDERAL BANK contributed the highest on the upside while ICICI BANK contributed the lowest. BANK NIFTY continued its lower closing streak for the sixth day and closed lower. However, the opening and closing tick were very near indicating a relief rally may come.

DERIVATIVE PICKS

TOP  DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• After trading in the green for four weeks in a row, the market ended in the red with the benchmark indices shedding 2 percent each and posting one of the biggest weekly losses on March 15, driven by a rout in midcap and smallcap stocks and mixed data points. In this week, BSE Sensex lost 1,475.96 or 0.99 percent to end at 72,643.43 and Nifty50 shed 470.25 points or 2.09 percent to finish at 22,023.30.

• Air India is likely to lay off around 200 employees as part of a larger reorganisation of the Tata Group’s aviation business, reported The Economic Times. According to Air India, less than 1 percent of its staff will be laid off as they chose not to participate in voluntary retirement plans or take advantage of the company’s reskilling initiatives, the report added.

• Oil prices dipped on Friday, a day after topping $85 a barrel for the first time since November, but prices were expected to finish more than 3% higher for the week on rising demand from U.S. refiners completing planned overhauls.

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

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