Green Shoots
Broader indexes outperformed BSE main indices. Midcap index jumped 2.2% and Smallcap index 3%.
Nifty closed at 22,150 on March 14 after buying across sectors, erasing some of the previous session losses.
Nifty closed above 22,200 intraday while Sensex easily closed above 73,000 after erasing early losses.
At closure, Sensex was up 335.39 points or 0.46 percent at 73,097.28 while Nifty was up 149 points or 0.68 percent at 22,146.70.
Sectors and stocks
Nifty winners were Adani Enterprises, Adani Ports, Hero MotoCorp, Hindalco Industries, and ONGC, while losers included Axis Bank, IndusInd Bank, Bajaj Finance, Tata Steel, and JSW Steel.
Telecom, electricity, oil & gas went up 3 percent apiece, while auto, capital goods, FMCG, IT, healthcare, and metal increased 1-2 percent.
Broader indexes beat the main indices, with the BSE Midcap index up 2.2% and Smallcap up 3%.
Axis Bank, NMDC, and Bajaj Finance had extended buildups, as did Birlasoft, Ipca Lab, and Ambuja Cements.
March 15 forecast
Indian equities experienced a relief rally, with a one-way recovery in the Mid and Smallcap segments, leading to an overall uptick in the markets except for BankNifty. Nifty50 and Sensex30 reclaimed their psychological support levels, gaining by 149 and 335 points respectively. The Metal sector was the top performer, with IT counters playing a crucial role in index recovery. Mid and Smallcaps advanced by 2.02% and 3.45%, respectively. The Index formed a small green candle, indicating a continuation of an uptrend.
The Nifty’s sentiment remains negative as it consolidates around the lower half of the previous session’s candle and closes below the 21EMA. However, bulls push the index back into the rising channel, suggesting a possible bullish trend reversal. The Nifty may face resistance in the 22200-22250 zone, with clearing resistance at 22250 potentially propelling it towards 22500 in the near term. Support levels are 22050-22000.
| FII Sold | 1,356.29Â Cr |
| DII Bought | 139.47Â Cr |
Indian Market Stocks
| Sensex | 335.39 | +0.46% | 73,097.28 |
| Nifty 50 | 148.95 | +0.68% | 22,146.65 |
| Bank Nifty | -191.35 | -0.41% | 46,789.95 |
Market Movers
| Adani Enterpris | 181.25 6.24% | Axis Bank | -22.15 -2.05% |
| Adani Ports | 58.30 4.82% | IndusInd Bank | -25.90 -1.72% |
| Hero Motocorp | 163.20 3.62% | JSW Steel | -7.50 -0.95% |
| Hindalco | 18.25 3.60% | Bajaj Finance | -58.70 -0.91% |
| ONGC | 7.90 3.09% | Tata Steel | -1.20 -0.84% |
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The Nifty has experienced a decline, closing the day around 160 points lower. The daily charts show no follow-through buying interest after a breakout, and selling pressure at higher levels could lead to a slipping back into the consolidation zone. The Bollinger bands are contracting, indicating a range contraction. The Bank Nifty has not maintained positive momentum, and it could slip towards the 46900-46800 range. The overall trend is bullish, with an intermediate corrective phase in progress. Short-term weakness could lead to a decline towards the 22200-22250 range.
The Nifty has experienced a decline, closing the day around 160 points lower. The daily charts show no follow-through buying interest after a breakout, and selling pressure at higher levels could lead to a slipping back into the consolidation zone. The Bollinger bands are contracting, indicating a range contraction. The Bank Nifty has not maintained positive momentum, and it could slip towards the 46900-46800 range. The overall trend is bullish, with an intermediate corrective phase in progress. Short-term weakness could lead to a decline towards the 22200-22250 range.
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