Market Summary - March 18, 2024 & Nifty Outlook For 19 March

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Positive Close Amidst Sectoral Buying

The benchmark indices concluded the trading session on a positive note on March 18, managing to offset some losses from the previous session. The Nifty stood at approximately 22,050, reflecting a buoyant sentiment driven by widespread buying across sectors, with exceptions in IT and FMCG.

Index Performance

The Sensex surged by 104 points settling at 72748.

Meanwhile, the Nifty observed a gain of 32 points, closing at 22055.

Top Gainers and Losers

Leading the gainers on the Nifty were Tata Steel, M&M(Predicted by on saturday itself), JSW Steel, Tata Motors, and Apollo Hospitals.

Conversely, the losers included Tata Consumer Products, UPL, Infosys, Adani Ports, and Titan Company.

Sectoral Performance

Sectors such as capital goods, healthcare, auto, realty, metal, and media witnessed gains ranging from 0.5-3%.On the contrary, IT and FMCG sectors experienced marginal declines of 0.5-1.5%.

BSE Midcap and Smallcap indices ended the day on a neutral note.

Individual Stock Movement

Notable volume spikes exceeding 100 percent were observed in Coforge, Balrampur Chini Mills, and PI Industries.

Long build-up was noted in Tata Steel, Jindal Steel, and M&M, while short build-up was seen in Coforge, Birlasoft, and Persistent Systems.

Several stocks including Bharti Airtel, Cigniti Technologies, Colgate Palmolive, and others touched their 52-week highs on the BSE.

Technical Analysis and Outlook

The Nifty commenced on a weak note but regained momentum throughout the day, closing with a gain of 32 points.

It remained within the range of 22000– 22200, with crucial support at 21800– 21700.

Bank Nifty concluded negatively for the seventh consecutive session but displayed a recovery from intraday lows, supported by the 20-week average.

Conclusion

The market demonstrated resilience on March 18, recovering from initial setbacks and closing on a positive note. Sectoral performance was diverse, with notable strength in capital goods, healthcare, and auto industries. Technical analysis suggests a crucial support zone for the Nifty, with anticipation of a potential breakout in either direction. Meanwhile, Bank Nifty exhibited signs of stabilization after a prolonged downtrend. Investors are advised to monitor key support and resistance levels for informed decision-making in the coming sessions.