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March 22, 2022 / 04:25 PM IST

Closing Bell: Nifty ends above 17,300, Sensex gains 696 pts led by auto, bank, IT, oil & gas

Among sectors IT, Auto, Bank and Oil & Gas indices rose 1 percent each, while Realty index was down 1 percent. The BSE midcap and smallcap indices ended on flat note.

  • IndexPricesChangeChange%
    Sensex59,842.21379.43 +0.64%
    Nifty 5017,825.25127.10 +0.72%
    Nifty Bank39,239.65197.35 +0.51%
    Nifty 50 17,825.25 127.10 (0.72%)
    Tue, Aug 16, 2022
    Biggest GainerPricesChangeChange%
    HDFC Life570.6025.65 +4.71%
    Biggest LoserPricesChangeChange%
    Grasim1,591.55-31.05 -1.91%
    Best SectorPricesChangeChange%
    Nifty Auto13250.00326.20 +2.52%
    Worst SectorPricesChangeChange%
    Nifty PSU Bank2868.85-10.75 -0.37%


  • March 22, 2022 / 04:46 PM IST

    Manish Shah, Independent Technical Analyst:

    Nifty bounced off from the 200-days average support zone of 17050-16950. The interpretation is that Nifty had dipped below it 200-day moving average and has now regained this level. This indicates Nifty has resumed its uptrend.  

    For the day, Nifty made a long green candle that closed at the high of the day. This is a bullish move as previous day was a bearish engulfing pattern. Also, what we see is a failure of the bearish pattern to move the market lower. 

    Buyers are in control of this market conditions. With two more days to go for Thursday's expiry there is a fair chance that Nifty could move up to 17500 at the least or to 17650 within next two days. This means that there is a scope for expiry players to design their play towards expiry in bullish direction. 

    Nifty should hold above 17200 and this is where stops should be, whichever way option play is designed. World equity markets are on a revival spree and equity as an asset class is in initial phase of a rally after a period of uncertainty and extreme volatility. 

    Expect Nifty to be in a rally mode over next couple of days.

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  • March 22, 2022 / 04:44 PM IST

    Prashanth Tapse, Vice President (Research), Mehta Equities:

    Nifty bulls shrug off Powell’s hawkish remarks as markets staged a remarkable rebound, primarily led by Reliance Industries on reports of strong GRMs due to low inventory levels along with disruptions in product supplies, amid ongoing geopolitical tensions. 

    Investors will continue to monitor the Russia–Ukraine stand-off which has not yielded any significant progress, raising fears of further sanctions and prolonged disruption to oil and metals supply.

    As of recording, WTI Oil prices were hovering around $108 a barrel. Technically, the make-or-break Nifty’s support seen at psychological 17000 mark. We suspect, the technicals are aggressively bullish which should take Nifty above its biggest hurdles at 17807 mark.

  • March 22, 2022 / 04:25 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets posted strong gains and settled around the day’s high amid mixed cues. Initially, the bias was slightly on the negative side in continuation to Monday’s fall, however a strong surge in the select index majors from IT, energy, and banking space completely changed the tone in the latter half. 

    Consequently, the Nifty index ended higher by 1.2% at 17,315 levels. Meanwhile, the broader indices underperformed as both Midcap and Smallcap ended on a flat note.
     
    We reiterate our positive yet cautious view on markets amid global uncertainty. A decisive break above 17,350 in Nifty would pave for a further surge towards 17,500-17,700 levels. And, we feel the banking pack holds the key from hereon. Participants should align their positions accordingly.

  • March 22, 2022 / 04:20 PM IST

    Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:

    The Nifty witnessed downside pressure in the beginning of the session on March 22. On the downside, it attempted to fill up a recent gap on the daily chart, whose lower end is at 16987, but couldn’t fill it up completely. 

    The index attracted fresh round of buying near the junction of the 40 DMEA & the 200 DMA, which were near 17000. The zone of 40 HEMA & the hourly lower Bollinger Band also offered cushion on the downside. 

    Thereon the index took a strong leap in the second half of the session. Once the swing high of 17353 is crossed then the Nifty will target the daily upper Bollinger Band near 17520.

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  • March 22, 2022 / 04:09 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:

    Positive trend in other Asian and European indices gave a major boost to local gauges. Despite the recovery, uncertainty in the market is likely to prevail and investors will continue to brace for more sharp gyrations in next few sessions. 

    The rising US bond yield and uptick in crude oil prices can unsettle the markets going ahead and investors need to be really careful about this before taking a major exposure. 

    Technically, the index took the support near the 200-day SMA or 17000 and reversed quickly. It also formed a long bullish candle on daily charts which is broadly positive. 

    For the trend following traders, now the 50-day SMA or 17200 would act as a trend decider level. Above the same, the uptrend wave will continue till 17380-17435, while below 17200 the uptrend would be vulnerable.

  • March 22, 2022 / 04:02 PM IST

    Rahul Sharma of Equity 99:

    We witnessed good rebound in markets driven by buying in Reliance and HDFC. Market recovery after the morning fall is a good sign for Indian market.

    In coming days we still expect volatility to persist till the war situation between Russia and Ukraine and crude price stabilize. Also investors needs to keep close watch on the rising COVID cases tally in recent time as we might see 4th wave in coming days. We advise investors to keep adequate liquidity in coming days. 

    For Nifty50, 17280 will act as very strong support on breaking which we might see 17200 levels. If this level is breached than next stop will be around 17120 levels. 

    On upper side 17350 will act as very strong resistance, if Nifty goes beyond these levels, we may see 17455 to 17550 levels.

  • March 22, 2022 / 03:55 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    The domestic market started with a negative bias taking cues from rising crude prices and hawkish signals from Fed on aggressive policy tightening. 

    However, the trend reversed as European markets opened on a positive note buoyed by hope that Ukraine may consider working towards a truce.

  • March 22, 2022 / 03:48 PM IST

    Sachin Gupta, AVP-Research at Choice Broking:

    The Nifty index wiped out its early losses and recovered more than 1% to close at 17315.50 levels while Bank Nifty has managed to settle at 36348.55 levels with 330 point gains. 

    On the technical front, the Nifty index has formed a bullish candle after taking a support at 50% Retracement Levels and moved above 50 days Exponential Moving Averages that suggests a bullish strength for the coming day. 

    All important key indicators like RSI, Stochastic & MACD witnessed positive crossover that supports the bullish bias. 

    At present, the index has support at 17000 levels while resistance comes at 17470 levels. On the other hand, Bank Nifty has support at 35700 levels while resistance at 37000 levels.

  • March 22, 2022 / 03:39 PM IST

    Neeraj Chadawar, Head - Quantitative Equity Research, Axis Securities:

    It was a volatile day for the equity market and nervousness was seen in the morning session while investors' sentiments turned positive in the second half with more buying seen in IT stocks. US 10 year bond yields have crossed 2.3% after the more hawkish commentary from the US FED to control the inflation.

    We believe that volatility will likely continue before we conclude the equilibrium. Investors should focus on the quality names where the earnings expectations are intact, and raw material inflation pressure is limited.

    Adding to that, we are seeing inflation as a big theme. Value focused sectors are more inflation proxies and tend to do well in rising inflationary scenarios, and we are likely to see a good amount of allocation happening in the next one to two years in value focused sectors.

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  • March 22, 2022 / 03:34 PM IST

    Market Close: Benchmark indices ended higher with Nifty above 17,300 in the volatile session on March 22 led by auto, bank, IT, oil & gas stocks.

    At close, the Sensex was up 696.81 points or 1.22% at 57,989.30, and the Nifty was up 197.90 points or 1.16% at 17,315.50. About 1573 shares have advanced, 1745 shares declined, and 99 shares are unchanged.

    Tech Mahindra, BPCL, Tata Motors, Reliance Industries and IOC were among the top Nifty gainers, while losers were HUL, Nestle India, Britannia Industries, Cipla and Divis Lab.

    Among sectors IT, Auto, Bank and Oil & Gas indices rose 1 percent each, while Realty index was down 1 percent. The BSE midcap and smallcap indices ended on flat note.

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