Benchmark indices Nifty and Sensex rose on March 20 thanks to buying in auto and metals stocks. According to analysts, the market is likely to see high volatility as investors may remain cautious ahead of the US Fed meeting outcome.
Global cues were positive as Wall Street's three major indices ended in the green with the S&P 500 closing at a fresh record high. Asia markets were also trading higher as investors digested the Bank of Japan’s shift in monetary policy while awaiting the US Fed’s interest rate decision.
At 09:18 am, the Sensex was up 200.36 points or 0.28 percent at 72,212.41, and the Nifty was up 66.50 points or 0.30 percent at 21,884.00. About 1,661 shares advanced, 564 declined, and 126 were unchanged.
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While the central bank is likely to maintain its stance and keep the rate unchanged, its commentary will hold importance as it would provide insights into the Central bank’s future rate action.
"Nifty has slipped below the crucial support zone, and we are now eyeing 21,500. Traders should continue with the “sell on rise” approach but avoid aggressive trades citing the upcoming outcome of the US Fed meet," said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Technical view
"Nifty has decisively breached below the 40-day average and the swing low support on the downside which is a sign of weakness. Daily and hourly momentum indicator has a negative crossover which is a sell signal," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
"The next crucial support level comes in at 21,740 and below that potentially towards 21,530. We believe that the Nifty is at the fag end of the fall and hence the selling may not be that sharp," he added.
"Bank Nifty held on to 46,000 and witnessed range-bound action. Going ahead we expect the Bank Nifty to recover 46800 – 46950 over the next few trading sessions," Gedia said.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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