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Live: Nifty just shy of 22,500; Banks, M&M, NLC India in focus| Opening Bell Women’s Day Special

Indian equity market almost moved closer to its immediate hurdle of 22,500 and also climbed back above the upward sloping resistance trendline on the Nifty 50, following rebound in last couple of hours of trade on March 6. This indicates the bulls retained upper hand over Dalal Street and are likely to lift Nifty towards 22,600-22,700, the immediate area of resistance, with support at 22,400-22,200 levels, experts said. On March 6, the benchmark indices ended at new closing high with the BSE Sensex rising 409 points to 74,086, while the Nifty 50 recovered 250 points from day's low and ended at 22,474, up 118 points. Also, the index defended 10-day EMA (exponential moving average placed at 22,270). The volatility dropped further with the India VIX falling 0.59% to 14.30, giving support to bulls. The VIX fell for sixth consecutive session. However, the broader markets remained under pressure, with the Nifty Midcap 100 index declining half a percent and Smallcap 100 down 2%. Lots of stocks in focus this morning including M&M, NLC India and RBL Bank. Meanwhile Mukka Proteins is set for a healthy D-Street debut. In our Women’s Day Special, catch Nandita Khemka decode the cues for trade with Shilpa Rout, Lead Derivatives Analyst, Prabhudas Lilladher and Sanchita Mukherji, Senior Finance Professional and MF distributor

first published: Mar 7, 2024 09:03 am