Indian equity indices extended the gains on the second consecutive session on March 18 with Nifty surpassing 22,850 intraday led by buying across the sectors and broader indices.
At close, the Sensex was up 1,131.31 points or 1.53 percent at 75,301.26, and the Nifty was up 325.55 points or 1.45 percent at 22,834.30.
Also Read: Markets Rebound: Sell, Hold, Double Down? Strategies for a post-correction market
The biggest Nifty gainers were ICICI Bank, M&M, Shriram Finance, L&T, and Tata Motors, while losers included Bajaj Finserv, Bharti Airtel, Tech Mahindra.
All the sectoral indices ended in the green with auto, capital goods, consumer durables, metal, power, realty, and media index up 2-3 percent.
Broader indices outperformed the main indices with BSE Midcap and smallcap indices rose more than 2 percent each.
More than 290 stocks touched 52-week low on the BSE, including Happiest Minds, AU Small Finance Bank, Balaji Amines, Mahindra Life, EKI Energy, Gensol Engineering, Sadhana Nitrochem, NIBE, Sirca Paints, Veritas, GVK Power, Everest Industries, Andrew Yule, SIS, among others. Click here to view more
Outlook for March 19
Aditya Gaggar Director of Progressive Shares
The day was dominated by the Bulls, with the Index initially rising and then steadily compounding its gains to close higher at 22,834.30 with gains of 325.55 points. All sectors ended the trade in the green, with Media and Realty emerging as the top performers. The Broader markets outperformed the Frontline Index, as Midcaps and Smallcaps surged by 2.18% & 2.71%.
With a strong bullish candle, the Index achieved a much-anticipated range breakout, indicating a shift in momentum towards the bulls. According to the pattern breakout, the target now stands at 22,920, with 50DMA approaching that level, acting as a strong hurdle. Meanwhile, the support level has shifted higher to 22,620.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After shifting into a narrow range movement over the last 5-6 sessions, Nifty witnessed an excellent upside breakout on Tuesday and closed the day higher by 325 points. After opening with an upside gap, the market continued to move up for better part of the session. The upside momentum continued in the mid to later part and Nifty finally closed at the highs. The opening upside gap remains unfilled.
A long bull candle was formed on the daily chart, that has surpassed the crucial overhead resistance of around 22700-22800 levels (previous opening downside gap of 24th March and resistance as per change in polarity) and closed higher. Technically, this market action signals a decisive upside breakout of the important overhead resistance. This is positive indication.
The short-term trend of Nifty is positive. Having moved sharply above the hurdle, one may expect Nifty to advance towards the next resistance of 23100-23200 levels in the next few sessions (down sloping trend line). Immediate support is placed at 22700 levels.
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