Sensex, Nifty Rebound: Market Sentiment Improves as Investors Await Fed’s Decision.

Sensex

Eicher Motors, Maruti Suzuki, Power Grid Corporation, Nestle India, and ONGC led the Nifty, while Tata Steel, Consumer Products, Motors, Axis Bank, and Cipla fell.

The market finished with slight gains on March 20 following a bumpy day as investors remained cautious ahead of the FOMC meeting.

The market fluctuated throughout the day, but auto and energy stocks helped the key indexes close higher.

At closure, the Sensex was up 89.64 points or 0.12% at 72,101.69 while the Nifty was up 21.60 points or 0.10 percent at 21,839.10.

Sectors and stocks

Eicher Motors, Maruti Suzuki, Power Grid Corporation, Nestle India, and ONGC led the Nifty, while Tata Steel, Tata Consumer Products, Tata Motors, Axis Bank, and Cipla fell.

Auto, FMCG, realty, oil & gas, and electricity rose 0.5-1 percent, while the metal index fell roughly 1%.

Nalco, Tech Mahindra, and Manappuram Finance experienced a volume spike of over 2000%, while Eicher Motors, Maruti Suzuki, and Cummins India experienced a long build-up, while Tata Chemicals, Page Industries, and Aditya Birla Fashion & Retail experienced a short build-up.

The BSE mid and smallcap indexes closed flat.

March 20 Forecast

The index remained volatile ahead of the Fed’s policy meeting, with negative sentiment as it closed below the previous consolidation low and critical moving average. A further fall is expected below the hourly swing low around 21700, with resistance at 21900-22000 on the higher end.

The Nifty experienced a volatile trading day, opening with gains but losing ground. It closed the day slightly up by 22 points, with support around the 78.6% Fibonacci retracement level. The hourly momentum suggests exhaustion of selling pressure, with signs of positive divergence and a positive crossover.
The daily candle has taken the form of a Doji pattern, suggesting indecision among market participants regarding direction.

This could lead to consolidation and a range of 21700 – 22000. Bank Nifty closed the day negatively for the ninth consecutive session, finding support at the lower end of the rising channel and a daily lower Bollinger band at 45800.
The hourly momentum indicator has a positive crossover, indicating a buy signal, and a recovery to 46800 – 46950 over the next few trading sessions.

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Sensex Sensex Sensex

Sensex After four weeks of increases, Sensex and Nifty fell 2% for the first time After four weeks of increases, Sensex and Nifty fell 2% for the first time

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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