Indian benchmark indices ended with little change in the rangebound activity on March 7 as investors remained concern after US President Donald Trump postponed the imposition of tariffs on Canada and Mexico to April 2.
At close, the Sensex was down 7.51 points or 0.01 percent at 74,332.58, and the Nifty was up 7.80 points or 0.03 percent at 22,552.50.
For the week, BSE Sensex added 1.5 percent and Nifty jumped 2 percent.
Also Read: Markets can correct another 10%, believes Axis Capital's Neelkanth Mishra
Reliance Industries, Nestle, Bajaj Auto, Bharat Electronics, Hindalco are among major gainers on the Nifty, while losers are IndusInd Bank, NTPC, Shriram Finance, Infosys, HCL Technologies.
BSE Midcap index was down 0.3 percent, while Smallcap index was up 0.7 percent.
On the sectoral front, Consumer Durables, IT, Power, realty down 0.5-1 percent, while Capital Goods, Energy, Metal, Media up 0.5-2 percent.
Outlook for March 10
Ajit Mishra – SVP, Research, Religare Broking
Markets traded in a narrow range and ended almost flat, pausing after two consecutive sessions of gains. Nifty opened on a flat note and attempted to inch higher in early trade, but a mixed trend among heavyweights limited the upside. As a result, it closed unchanged at 22,552.5.
Sectoral movement kept traders engaged, with metals finishing in the green, while realty and IT were among the laggards. A similar trend played out in the broader market, as small-caps edged higher while mid-caps closed in the red.
Nifty is now approaching its immediate resistance at 22,700 and will require fresh catalysts to break past this level. A potential trigger could be renewed buying interest in banking heavyweights, which have largely stayed on the sidelines during the recent rebound. However, global uncertainties may weigh on sentiment and disrupt this recovery attempt. Given the mixed signals, we recommend maintaining a positive yet cautious stance, with a focus on prudent position sizing.
Rupak De, Senior Technical Analyst at LKP Securities
The India Nifty remained volatile within a narrow range, closing with a small-bodied candle on the daily chart. Significant put writing was seen at the 22,300 strike, while decent call writing was visible at the 22,800 strike. The sentiment remains positive, with the potential to reach higher levels in the short term.
On the higher end, immediate resistance is seen at 22,700–22,750. On the lower end, support is placed at 22,400, below which the index may lose momentum.
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