| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,426.46 | -733.22 | -0.90% |
| Nifty 50 | 24,654.70 | -236.15 | -0.95% |
| Nifty Bank | 54,389.35 | -586.85 | -1.07% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Larsen | 3,729.50 | 85.10 | +2.34% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| M&M | 3,396.50 | -133.50 | -3.78% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Infra | 9039.90 | -38.65 | -0.43% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 33702.00 | -846.30 | -2.45% |
Indian equities have witnessed a smart recovery during the day. On the daily chart, the index has given a consolidation breakout, suggesting a rise in optimism. On the higher end, it found resistance around the 14-day moving average.
The short-term trend remains negative as the index has closed below the critical short-term moving average. The momentum oscillator RSI is in bullish crossover on the daily timeframe.
On the higher end, the Nifty may move higher once it moves above 17,650; on the higher end, resistance is visible at 17,800. On the lower end, support is visible at 17,470.
Markets posted a strong rebound on Friday and gained over one and a half percent, tracking supportive global cues. After the gap up start, the Nifty index gradually inched higher as the session progressed and finally settled at 17,594.25 levels. On the sectoral front, banking, financials and energy majors largely contributed to the gains. The broader indices too participated in the move and gained in the range of 0.7-0.9%.
Today's rebound can be attributed to the recovery in the US as we’re mirroring the global markets and we expect the same trend to continue.
On the index front, Nifty has surpassed the hurdle of the long term moving average i.e. 200 EMA but sustainability would be critical for a further rebound. Meanwhile, we reiterate our view to focus on stock selection and overnight risk management.
The Nifty opened with a gap up and continue to inch higher throughout the day to close the day with handsome gains. On the daily charts we can observe that after the Nifty is in a pullback mode and currently retraced 38.2% of the fall from 18,134 to 17,255.
We believe that there is more steam left to this pullback rally and hence it can extend higher till 17,700 where resistance in the form of the 50% fibonacci retracement level (17,695) and the 20-day moving average (17,703) is placed.
Considering the sharp upmove in today’s trading session a consolidation cannot be ruled out. Overall, we expect the Nifty to trade in the range of 17,700 – 17,200 from short term perspective.
Indian markets reacted to strong positive undercurrent across the global equities that triggered a massive bout of short covering in key sectors. Markets were in a fall season and hence the valuations had become attractive prompting traders to shrug off the weak sentiment.
Technically, the Nifty has formed a double bottom near the 200-day SMA (Simple Moving Average) and bounced back sharply. The index has also formed a promising bullish candle on daily and weekly charts which supports further uptrend from the current levels.
As long as the index is trading above 17,400 the uptrend wave is likely to continue. Meanwhile, the Bank Nifty successfully cleared the 20-day SMA mark which is broadly positive. For the Bank Nifty, 41,000 or 20-day SMA could be the immediate support zone. Above which, it could move till 41,700-42,300 levels. For short term traders 17,550-17,500 would be the immediate support level while 17,700-17,850 is the crucial resistance.
Indian equities cheered the dovish commentary from one of the US Fed officials along with robust domestic services PMI data. Service PMI improved to 59.4 - its 12 years high, in February on the back of strong demand as price pressures eased further.
Nifty opened gap up and witnessed consistent strength throughout the day to close with gains of 272 points (+1.6%) at 17594 levels. All sectors ended in green with continued momentum seen in Banking, Metals and Realty.
Nifty is finding some support after declining almost 9% from its peak. While domestic macro data continues to remain strong, global uncertainty regarding the next US Fed action have kept the markets volatile.
The market had more reasons to cheer today than to worry about concerns regarding inflation. PSU Banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiments.
The sentiment was further lightened as FIIs turned in strong buyers. Positive global sentiments also played a vital role in uplifting the market, as a Fed official commented on a favourable level of rate hike in the next meeting.
Indian rupee ended 63 paise higher at 81.96 per dollar against previous close of 82.59.
Benchmark indices ended higher on March 3 with Nifty around 17,600.
At Close, the Sensex was up 899.62 points or 1.53% at 59,808.97, and the Nifty was up 272.40 points or 1.57% at 17,594.30. About 2118 shares have advanced, 1299 shares declined, and 125 shares are unchanged.
Top gainers on the Nifty included Adani Enterprises, Adani Ports, SBI, Bharti Airtel and SBI Life Insurance, while losers were Tech Mahindra, UltraTech Cement, Cipla, Divis Labs and Asian Paints.
All the sectoral indices ended in the green.
The BSE midcap and smallcap indices added 0.5 percent each.
Indian Rupee touched a one month high of 81.9125 on hot services PMI data. Services PMI rose unexpectedly to a 12-year high at 59.4 in February, sharply above forecast of 56.2 and January’s reading of 57. Fresh FII inflows and positive domestic equities also helped the Rupee strengthen. Dollar index has also softened amid positive global markets.
We expect Rupee to trade with a slight positive bias on improved global risk sentiments and fresh FII inflows. Weak crude oil prices may also support the domestic currency. However, any pullback in the US Dollar amid rising expectations of hawkish Federal Reserve and concerns over slowdown in India’s GDP growth rate may cap the upside and weigh on rupee at higher levels.
Hawkish commentaries from Fed officials such as Raphael Bostic and rising US Treasury yields may support the greenback. 10-year yields have comfortably sustained above the 4% mark. Traders may remain cautious ahead of ISM services PMI data from US. USDINR spot price is expected to trade in a range of Rs 81.45 to Rs 82.50.
Adani Ports and Special Economic Zone was quoting at Rs 684.00, up Rs 60.80, or 9.76 percent.
Adani Enterprises was quoting at Rs 1,889.70, up Rs 283.00, or 17.61 percent.
