Companies Result Calendar, BSE/NSE Results

Companies Result Calendar, BSE/NSE Results

CRISIL Ltd

ICICI Lombard General Insurance Company Ltd

Schaeffler India Ltd

Tata Coffee Ltd

19-04-2023

Alok Industries Ltd

ICICI Securities Ltd

Mastek Ltd

Tata Communications Ltd

20-04-2023

Cyient Ltd

HCL Technologies Ltd

ICICI Prudential Life Insurance Company Ltd

Sterling & Wilson Renewable Energy Ltd

21-04-2023

Hindustan Zinc Ltd

Reliance Industries Ltd

Tejas Networks Ltd

NIFTY BANKNIFTY OUTLOOK FOR 18 APRIL 2023 TUESDAY

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The market reacted negatively to the IT leader's weak start to the reporting season and her cautious outlook. Globally, US 10-year bond yields rose as solid US jobs data raised concerns about further rate hikes by the Fed. The earnings reports, especially from the IT and banking sectors, will influence the market development in the coming days. We expect Nifty 50 earnings to grow 10% in the fourth quarter of FY23, driven by banking and finance, automotive, telecom and FMCG. Indian benchmark indices closed down 17,700 on April 17 with Nifty. At the close, the Sensex was up 520 points, to 59910 and the Nifty was up 121 points to 17706. On the daily charts, the Nifty has formed a bar reversal candlestick pattern, indicating a time-based correction until the market breaches the 17850 level. For the bulls, 17850-17900 would act as immediate resistance zones, while 17650-17550 would act as key support zones. Only above the 17850 mark did new buying momentum become apparent.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

 

NIFTY BANKNIFTY OUTLOOK FOR 17 APRIL 2023 MONDAY

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The benchmark indices continued their winning streak, but the wide intraday volatility shows that the rally may be losing momentum given the sustained upward movement over the past week or so. The market appears to be in an overbought zone and profit-taking could occur in the next few sessions. Technically, the market is trading above the 50- and 200-day SMA (simple moving average) and is holding a higher bottom formation on intraday charts that is mostly positive. However, momentum indicators are pointing to temporarily overbought conditions and due to this we have been able to see range bound activity in the near term. For the bulls, 17750-17650 would now be the key support areas, while 17950-18100 would act as the key resistance zone for the traders. Meanwhile, Bank Nifty's bullish sentiment is likely to continue and for trend-followers, 41600 would now be the sacrosanct support zone. Beyond that, it could rally as high as 42700-43000. On the upside, the uptrend below 41700 would be vulnerable.

NIFTY WEEKLY OUTLOOK FOR 17 APRIL TO 21 APRIL 2023

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WEEKLY RESISTANCE FOR NIFTY: 17900, 18100, 18300

PIVOT POINT: 17800

WEEKLY SUPPORT FOR NIFTY:  17600, 17400, 17200

WEEKLY CHART FOR NIFTY

After a long weekend, our markets started Monday with a small gap to the upside; Post-opening, however, there was no major traction within the key indices. Optimism returned for the week as Nifty continued its journey north, where the bulls benefited from each dip on the week. The winning streak continued for the third week in a row as Nifty reclaimed 17800 weekly. Despite being a shortened week, the bulls added another 1.30% week-on-week.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

On a weekly basis the Nifty has managed to close above the 20-week moving average (17790) which is a Bullish sign. The weekly momentum indicator has triggered a fresh positive crossover which is a buy signal. On a higher time, frame chart structure has turned in favour of bulls. Considering the sharp run up in the previous nine trading sessions a consolidation is highly probable however, it should be considered as a buying opportunity. In terms of levels, 17860 – 17900 is the immediate hurdle one, while 17730 – 17700 shall act as a crucial support from short term perspective. On the upside we expect the Nifty to target levels of 18000.

 TECHNICALLY SPEAKING

Price closed comfortably above the March swing high of 17800. This is a very positive development as prices have risen above a significant swing high for the first time this calendar year. From a technical point of view, there is a rounding bottom formation visible on the daily time frame chart that bodes well for the bulls. Also, observing the weekly chart, we can see a fresh buy-signal on the RSI smoothed with its signal line. This points to a short-term continuation of the upward movement. However, one should avoid complacency as this recent non-breather move higher has been very steep and therefore some pause or slight profit booking cannot be ruled out. Therefore, traders at higher levels would be better off taking some money off the table, while in the event of a dip, one should take the opportunity to add bullish bets. With the nine day continuous winning streak, the support level continues to shift higher as we now see immediate support in the 17700 - 17600 zone; while 200-SMA around 17500 is likely to act as a sacrosanct level. On the upside, the next set of resistances is seen at the psychological level of 18000, followed by the next swing high of 18150. The main action during the week was off-index as many front-line and mid-cap counts mesmerizing were moved. Traders should continue to focus on such potential switchers; However, you have to be very picky as the low-hanging fruit is already gone.

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Finally, the Sensex was up 38 points to 60431 and the Nifty up 15 points to 17828. Markets were range bound and closed almost unchanged after taking a breather from the recent rise. After the flat start, pressure from IT majors pushed the Nifty lower, but buying of select heavyweights, particularly from the banking package, pared any losses and helped the index finish flat. Aside from banks, real estate and car wraps also performed well, while IT, pharmaceuticals and energy were subdued. Markets will react to the results of two heavyweights viz. Infosys and HDFC Bank in early trading on Monday. Signs are for the prevailing tone to continue, so any interim dips should be viewed as a buying opportunity. We reiterate our preference for banking, finance and FMCG packages and recommend choosing selectively from others. The Nifty continued its positive momentum, finishing in gains for the ninth consecutive month. Looking at the charts, we can observe that the Nifty saw a daily decline, but the 17750-17720 zone, where support was placed in the form of the 20 hourly moving average, absorbed the selling pressure and limited further slide. On a weekly basis, the Nifty managed to close above the 20-week moving average 17890, which is a bullish sign. The weekly momentum indicator has triggered a new positive crossover, which is a buy-signal. On a higher point, the frame chart structure has turned in favor of bulls. Given the sharp rise over the past nine trading sessions, a consolidation is very likely but should be viewed as a buying opportunity. In terms of levels, 17850-17925 is the immediate hurdle while 17725-17700 is expected to serve as a crucial short-term support. On the upside, we expect the Nifty to target the 18000 level.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

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Domestic indices closed largely in the green on Wednesday. The Nifty was up 90 points to 17812, Sensex was up 235 points to 60392 and Bank Nifty was up 191 points to 41557. The top gainers at Nifty 50 were Divis Lab, Bajaj Auto, Adani Enterprises, Eicher Motors and Dr. Reddy while the top losers were Power Grid, NTPC, Nestle India, UltraTech Cement and Hindustan Unilever Ltd. Shares in Tata Consultancy Services Ltd rose 1.5% on Wednesday ahead of the report of fourth-quarter results. TCS stock hit an intraday high of Rs 3260 and closed at Rs 3245. In comparison, NSE Nifty 50 rose 90 points or settled at 17812 and Nifty IT rose 304 points to close at 28980. TCS stock is up down almost 3% in the past month and over 12% in the last year. However, the stock is up over 100% in the last 5 years. At the current market price of Rs 3242, the company's market capitalization is Rs 11.86 lakhcrore. Shares hit an intraday low of 3199 rupees on Wednesday. TCS stock hit a 52-week high of Rs.3738 on April 12, 2022 and a 52-week low of Rs.2926 on September 26, 2022. The Nifty Index has held above the critical moving averages. Also, the Nifty has so far held above the crucial 17500 support level. Market will remain buy on dips as long as index stays above 17500. Immediate support is visible at 17600. On the upper end, the rally could extend towards 17900 -18000.

Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

 

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Indian equity benchmarks held steady gains into Tuesday's close after paring some gains midday. The headline indices rose for the seventh consecutive day, with the S&P BSE Sensex Index topping 60,000 while the NSE Nifty 50 Index topped 17,700. On Wednesday, TCS will kick off the fourth quarter earnings season with clues as to how Indias I.T. Bellwether plans to master the US banking crisis. Infosys, which reports its quarterly results a day later, will also be in focus, especially since its BFSI leader is on track to lead a rival company. The S&P BSE Sensex Index closed up 311 points at 60157, while the Nifty Index was up 98 points at 17722. Nifty remained volatile throughout the session as traders awaited CPI data scheduled for tomorrow. The index has held above the critical moving average. Also, the Nifty has so far held above the crucial 17550 support level. Market will remain buy on dips as long as index stays above 17550. Immediate support is visible at 17650. On the upper end, the rally could extend towards 17800 /17900.
Resistance: 17400, 17500, 17600  

Support: 17300, 17200, 17100

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While the benchmark indexes ended slightly higher in a lackluster trading session, real estate, oil & gas, auto and energy stocks rallied strongly after falling over the past month. The hope is that, following the RBI's status quo, the rate cycle appears to have peaked over the past few weeks and if rates start falling in the future, rate-sensitive stocks would be investors' preferred bet. The market started the week flat Note after hovering in one area. After the initial uptrend, Nifty inched up in the first half, but profit-taking wiped out all gains throughout the day. Eventually it settled at 17624; up 0.14%. Benchmark indices ended the highly volatile April 10th session on a flat note. At the close, the Sensex was up 13 points to 59846 and the Nifty was up 24 points to 17624. About 1,965 shares were up, 1,568 shares were down and 146 shares were flat. At the sector level, buying interest in autos, energy and IT limited the damage. Also, the broader recovery kept traders on their toes. We expect the index to consolidate further, but the tone should remain positive. Now, upcoming results and global clues will largely determine the trend. In the meantime, we recommend focusing on stock-specific opportunities. Technically, the Nifty has formed a small inverted hammer candlestick that indicates indecisiveness between bulls and bears. Due to temporary overbought conditions, we might see some profit booking at higher levels. For Nifty, 17530-17580 would act as the immediate resistance area, while 17500-17450 or the 50-day SMA (simple moving average) would act as key support zones.

Resistance: 17530, 17580, 17630

Support: 17480, 17430, 17380

Forthcoming Financial Results 11 April TO 15 April 2023

11 APRIL 2023

Delta Corp

12 APRIL 2023

Anand Rathi

TCS

13 APRIL 2023

Infosys

15 APRIL 2023 

HDFC Bank

NIFTY WEEKLY OUTLOOK FOR 3 APRIL TO 13 APRIL 2023

The major indices continued their upward trend for the fourth straight day, with the Sensex rising 582 points and the Nifty closing 161 points higher. IT, FMCG and financial sector indices all posted gains of over 1%, while PSU banks and auto companies posted intraday gains. Technically, after a solid start, the market maintained its uptrend throughout the day. For the first time in a long time, the Nifty closed above the 200-day SMA level and created a long bullish candle on the daily charts, both of which are generally encouraging signs. However, we believe that the market structure is strong in the short term, temporary overbought situations can lead to profit taking at higher levels. The current level of resistance for traders for next week would be 17600-17800/60000-60500 while the key support area would be 17500-17300/59500-59000. Uptrend would be jeopardized if breaks below 17500/59000 levels.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR WEDNESDAY 10 APRIL 2023

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Domestic indices welcomed the RBI's decision to keep interest rates unchanged. Nifty gained strength after the political result and stayed in positive territory throughout the session to close at 17599 with gains of 42 points. With the exception of FMCG, IT and consumer discretionary, all sectors ended in the green. The India VIX volatility index fell further to 11.8, giving traders some comfort. In addition, FIIs have been steady buyers of Rs 4263 crore over the past five days and their F&O short positions have been reduced from 92% to 83%, giving strength to the market. After six consecutive rate hikes, the RBI left the policy rate unchanged at 6.5%. The decision came as a surprise after most of the world's central banks hiked further to curb stubbornly high inflation. A rate pause and encouraging domestic data continue to give the market a positive undertone. However, given global uncertainties and fears of a US recession, we could see range-bound action in the near-term. Finally, the Sensex rose 143 points to 59832 and the Nifty rose 42 points to 17599. Technically, the Nifty has reclaimed the 200-day SMA level after a long time, forming a bullish candle on the daily and weekly charts. We believe that 17575 and 17525 would act as key support areas for the index, while 17650 -17750 could act as a resistance zone. Meanwhile, Bank Nifty has also formed a bullish candle on weekly charts and is successfully trading above the 50-day SMA. For the index, 40750 or the 50-day SMA could be the sacrosanct zone of support, above which it could rally towards 41550 -41750. The Bank Index continued its bullish rally and any dips were confidently bought by the bulls. The index broke above 40000 last week and announced that there has been a one-sided rally. The index is now trading around the next resistance zone of 41,000 and if we hold above it in the coming week we expect the rally to continue towards the 42,000 level. Support at the bottom is visible in the 40,600-40,500 zone, which will act as a buffer for the bulls.

Resistance: 17650, 17750, 17850

Support: 17550, 17450, 17350

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Domestic indices traded in positive territory throughout the day despite mixed global signals on healthy macro data. The manufacturing PMI hit a 3-month high of 56.4 in March, suggesting strong demand. In addition, net direct tax revenues have exceeded EU budget estimates by 17%, confirming continued robust economic growth. The domestic market is showing resilience, unaffected by weaker global peers, thanks to strong quarterly results from banks and NBFCs and the unexpected tax cut. In addition, the latest US data showed a softening job market and falling factory orders, raising the likelihood of a pause in Federal Reserve rate hikes. The RBI is expected to announce a 25 basis point rate hike in its monetary policy announcement Thursday ahead of a pause, positive for the market. We have seen a short covering move and there is still room for more short covering, but the market needs new longs supported by institutional investors. In the near term, key events such as RBI policy, macroeconomic data and Q4 results will set the market direction from here. For the first time in 2023, the market has won four consecutive sessions. Sensex and Nifty end the day on their highs, led by financial heavyweights and ITC. Nifty opened higher and continued to strengthen throughout the session to finally close near day’s high with gains of 159 points (+0.9%) at 17,557 levels. Nifty is showing bullish momentum and closed above 17550 and above that we can expect a short covering move towards 17650. On the downside, 17450 and 17400 are key support levels. Banknifty is showing relative strength with 41300 an immediate target. Above 41300  we can expect a rally towards 41500 while on the downside 40500 and 40300 are important to support the levels.

Resistance: 17400, 17500, 17600   

Support: 17300, 17200, 17100

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On March 3, 2023, Nifty experienced a day of consolidation and closed with marginal gains. Looking at the daily charts, we can see the Nifty consolidating throughout the day in the 17300 to 17400 range where the crucial Fibonacci retracement level (17450) and the 40-day moving average (17400) are placed. After a strong move higher in the previous trading sessions, a consolidation is a healthy sign and also offers an entry point for those who missed it. The hourly momentum indicator has triggered a negative crossover, which is a sell-signal. Considering that prices are trading around a hurdle and the momentum indicator triggering a negative crossover can lead to a consolidation. Overall, the uptrend is intact and this consolidation should be used as an opportunity to initiate new longs. On the upside, the immediate short-term target is 17500.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 5 APRIL 2023

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Domestic stocks were lackluster ahead of the RBI policy meeting outcome. Nifty opened higher but immediately gave up its initial gains to trade flat for most of the session. The benchmark indices experienced range-bound activity. The Sensex was up 114 points to 59106 and the Nifty was up 38 points to 17398. While some oil, gas and metals stocks saw intraday profit booking, among sectors the Auto and PSU Banks indices were both up over 1 %. The auto sector saw renewed interest after automakers released better-than-expected monthly earnings. The energy sector also remains in focus after Tata Power and Adani announced a tariff increase for the Mumbai region. Upstream oil companies were also in the spotlight after crude prices surged to a monthly high following OPEC's surprise production cut. The RBI policy announcement would be the key event to watch for this week, where investors would expect signs of a pause in rate hikes. This along with the shortened trading week would keep the market range bound. Investors believed that easing price pressures would give the central bank room to pause rate hikes. However, the surprise output cut by OPEC+ has raised concerns about inflationary pressures, which could prompt central banks to remain hawkish. The downward pressure on the market was alleviated as auto stocks rallied in response to the latest sales data, suggesting a surge in demand. In addition, India's Manufacturing Purchasing Managers' Index beat expectations and posted the fastest growth rate in three months on increased production and new orders. Buying dips and selling rallies would be the best course of action for traders right now. In the near future, the key support and resistance levels of the index will be 17300-17200 and 17,500-17600, respectively.

Resistance: 17400, 17500, 17600   

Support: 17300, 17200, 17100

NIFTY WEEKLY OUTLOOK FOR 3 APRIL TO 7 APRIL 2023

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WEEKLY RESISTANCE FOR NIFTY: 17400, 17600, 17800

PIVOT POINT: 17200

WEEKLY SUPPORT FOR NIFTY:  17000, 16800, 16600

WEEKLY CHART FOR NIFTY

The easing in US markets over the weekend resulted in a positive start for our markets on March 27, 2023 as the benchmark index, the Nifty, surged higher from the lows and maintained momentum throughout the day. Favorable global conditions certainly bode well for the bulls and any dips have been bought convincingly. However, a sell-off triggered by the end of the fag suggests hesitation in the higher seats as traders preferred to take money off the table until the end. Amid the tug of war, Nifty ended the first day of the shortened week on a muted note, raising 0.24% and settling just below the 17000 level. The Indian stock market had a lackluster trading day on March 28, 2023 as there was no buying interest. Despite a positive start hinted at by the SGX Nifty, the bulls lacked the confidence to capitalize on the move and the benchmark index remained in a narrow range throughout the day. Amid the cloudy day, Nifty corrected 0.20% from its previous day's close and settled slightly above the 16950 level. The last expiry session of the fiscal year on March 29, 2023 was volatile, with an intense tug of war between bulls and bears throughout the day. And finally, at the bottom of the fag, the bulls attacked to float the market. Amid all the whiplash action, the benchmark index managed to hold onto higher ground, helped by the rally to cover short positions, and ended the day on a positive note. The Nifty50 index settled slightly below the 17100 level for the day, posting a gain of 0.76%. On March 30, 2023 the market was closed for RAMNAVAMI. Domestic equity markets ended the week of March 31, 2023 on a strong note. For the week, domestic markets closed in positive territory. Sensex 30 and Nifty 50 Index rose more than 2%. BSE Midcap and BSE Small Cap Index up ~1-2%. Most industry indices posted positive gains over the week. However, the BSE Power Index posted negative returns during the week. Benchmark indices closed strong with Nifty above 17,300 while buying was seen across all sectors. Finally, the Sensex rose 1,031 points to 58991 and the Nifty rose 279 points to 17359.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

As the fiscal year ended, the market experienced an uptrend marked by bullish moves in the banking and IT sectors, driven by robust global signals. Notably, increased interest from overseas institutional investors due to moderation in Indian equity valuations also contributed. While the US market awaits the release of personal consumption spending data, which is believed to be a key indicator in forecasting future Federal Reserve action, domestic investors are awaiting the RBI MPC meeting scheduled for next week. Markets will continue to focus on inflation numbers in major economies and related central bank actions. Domestic markets will pay close attention to the RBI policy meeting scheduled for next week. In the coming weeks, the market will also focus on the Q4FY23 earnings season. Bulls remained at the helm as the benchmark Nifty closed well above the crucial 17250 resistance level. On the daily chart, the index has moved above the recent consolidation, indicating a rise in optimism. The momentum oscillator RSI has entered a bullish crossover. The trend is likely to remain strong as long as it stays above 17200. On the upside, the next key level is 1750017600 where bears will wait.

 TECHNICALLY SPEAKING

Markets saw a perfect ending to FY23 as charged bulls went berserk on Dalal Street thus propelling both the benchmark indices to close above the psychological mark. The rally was long overdue as fading worries over the recent turmoil in the US and European banking industry prompted investors to latch upon the beaten down stocks. Also, falling US bond yields and the return of FIIs into the local markets in recent sessions have bolstered the market sentiment. Technically, on daily charts the Nifty has formed a higher bottom formation and on weekly charts it has formed a long bullish candle which is broadly positive. In addition, after a long time the index is trading above the 20-day SMA (Simple Moving Average) level which too is indicating further uptrend from the current levels. For traders, 20-day SMA or 17200 would act as a sacrosanct support zone, and above the same the index could rally till the 200-day SMA or 17500-17700. However, below the 20-day SMA, uptrend would be vulnerable. Meanwhile, in the Bank Nifty, positive sentiment is likely to continue in the near future and 40200 could be the key support level. Above which, it could rally till the 50-day SMA or 40800. Any further upside could lift the Bank Nifty till 41200.

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 29 MARCH 2023

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Indian equities rose sharply on Wednesday, fueled by a clear bullish trend in global indicators as fears of risk in the banking sector calmed. Domestically, the focus has shifted to RBI monetary policy and the fourth quarter earnings season. Sensex was nearing its 58,000 mark and Nifty 50 surpassed its psychological level of 17,000. Mid-cap and small-cap saw a turnaround in their performance compared to their previous losses. The broad-based rally was seen across all sector indices. Nifty 50 settled at 17080, up 129 points. The benchmark had surpassed an intraday high of 17126 earlier in the day. Despite some hiccups, markets staged a smart recovery as investors placed bullish bets on the day of the derivative's month-to-date expiration. Although global market sentiment has not changed significantly, foreign investors, who have become net buyers of domestic stocks in recent sessions, have helped improve overall sentiment. Technically, positive momentum strengthened after breaking above 17100. A promising reversal formation and a long bullish candle on the daily charts are suggesting further upside from the current levels. For the bulls, 17000 would act as the trend decision level and above that the index could rally to 17,200-17300. On the other hand, the uptrend below 17000-16800 would be vulnerable.

Resistance: 17125, 17175, 17225   

Support: 17050, 17000, 16950

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 29 MARCH 2023

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Indian markets remained in the bears' grip as investors remained cautious on anticipation of further RBI tightening. While global market sentiment has improved as fears of broader contagion from the banking turmoil recede. At home, Nifty's small- and mid-cap stocks continued to underperform, buoyed by the decline in investor risk appetite and tax receipts in FY23. Nifty fell marginally on March 28 ahead of the fiscal year-end. It consolidated for the third straight day between 16,900 and 17,100. On the hourly charts, Nifty is trading between 16900 and 16950 where the Fibonacci retracement levels of 61.82% and 78.6% of the previous rise from 16825 to 17210 lie. The market ended lower on Tuesday in a volatile session on March 28th. At the close the Sensex was down 40 points to 57613 and the Nifty was down 34 points to 16951. Global equities were mostly higher as concerns of broader contagion from the banking turmoil eased. Nifty closed at a low of almost five and a half months, lagging the other markets in recent sessions. 16750-17050 could be the trading range for the Nifty in the near term. Selling related to tax losses may have come to an end and we may soon see the Indian markets moving in line with other markets. Amid volatile moves in intraday trading, the major indexes ended marginally lower, underperforming most of their Asian peers. Aside from gains in select banking and metals stocks, other sectors saw profit taking as caution prevailed ahead of Wednesday's F&O exit. 

NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 28 MARCH 2023

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Markets traded in a narrow range volatile and ended marginally in the green on mixed indications. After starting flat, Nifty struggled to inch higher, but a sharp drop in the last hour cut gains and it eventually settled at 16985. The Sensex rose 126 points to 57653. Most Asian stocks struggled on Monday amid renewed concerns about further defaults by US and European banks, with Chinese markets falling the most as weak results dragged oil and gas stocks lower. European stocks traded higher after First Citizens BancShares reassured vulnerable markets on Monday by saying it would take deposits and loans from the failed Silicon Valley bank. S&P Global Ratings on Monday left its forecast for India's economic growth unchanged at 6% for the fiscal year beginning April 1, before increasing it to 6.9% the following year. Nifty again failed to hold on to intraday gains and witnessed a last hour selloff. 16750-16850 band could offer support in the near term while 17150-17200 could offer resistance. Mood in Indian markets currently in the holiday shortened week and ahead of the fiscal year end seems to be to reduce positions especially in the broader market and take tax losses. The Bank Nifty bears continued to attack the index from higher levels and the index faced stiff resistance at the 39800-40000 zone. The index is stuck in a broad range between 39000-40000 and a brake on either side will have trending moves. The monthly expiry has the highest open interest build up at 40000 ce and any trade above this will lead to sharp short covering.

Resistance: 17000, 17100, 17200

Support: 16900, 16800, 16700

NIFTY WEEKLY OUTLOOK FOR 27 MARCH TO 31 MARCH 2023

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WEEKLY RESISTANCE FOR NIFTY: 17000, 17250, 17500

PIVOT POINT: 16900

WEEKLY SUPPORT FOR NIFTY:  16800, 16600, 16400

WEEKLY CHART FOR NIFTY

Despite SGX was indicating a sluggish start, our markets opened marginally in the red  on 20 march 202. However, without wasting much of a time, the selling resumed across the broader market. The Nifty kept on sinking to not only slide below 17000 but also went on to challenge the Thursday’s low of 16850. Fortunately, some buying emerged after posting a low of 16828 around the midsession. The recovery extended towards the fag end to reduce the damage to merely 0.65%, a tad below the 17000 mark. 21 march 2023 morning, the global screen was extremely pleasant as there was some relief with respect to recent developments. Our markets started the session on a positive note and after some midsession hesitancy, the buying resumed in heavyweight pockets like banking and RELIANCE. In fact, the momentum accelerated towards the latter part of the day to reclaim 17100 on a closing basis by adding seven tenths of a percent to the bulls’ kitty. We started off on a positive note on 22 march 2023 and in the initial trades, Nifty retested the 17200 mark; courtesy to extended relief move in US markets. However, we couldn’t capitalize on to this head-start as key indices slipped into a consolidation mode thereafter. Despite flirting with positive and negative terrain for a major part of the session, the last hour buying pushed Nifty slightly above 17150 to conclude with nearly three tenths of a percent gains. After US bourses experienced a sharp sell-off following the key FED policy, the DOW futures made a remarkable recovery in the morning; hence, the SGX Nifty indicated a mild negative opening for our markets. On 23 march 2023 The Nifty started on a sluggish note and the initial dip was absorbed comfortably to retest the 17200 levels, suggesting a possibility of much-needed relief in our market. However, a sell-off in the penultimate hour poured complete water on this attempt to retest morning lows. Eventually, we concluded the weekly expiry with a loss of 0.44% at 17077. Benchmark indices ended lower on March 24 with Nifty below 17000. At close, the Sensex was down 398  points at 57527, and the Nifty was down 131 points at 16945. Cues from both the global and domestic markets were subdued. The asset management industry was hit hard by tax changes and the elimination of the indexation benefit of debt mutual funds. The volatility was fuelled by weak European markets, which was driven by banking stocks as CDS spread increased. Although all major sectors traded in the red, selling in the IT sector was limited despite warnings of muted growth.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

The recent fall has faded hopes of sustained recovery and we might again end up seeing range bound moves in the index. Needless to say, the major support is intact at 16800 in the Nifty. We thus reiterate our view to limit positions and maintain positions on both sides.

 TECHNICALLY SPEAKING

The Nifty witnessed an extremely volatile day of trade today. It was consolidating in a narrow range during the first half of the session. However, as the day progressed and especially during the last couple hours of the trading session, the Nifty witnessed intense selling pressure which dragged the Nifty lower to close with a cut of 132 points. On the charts we can observe that the Nifty is trading in the zone of 16900 – 17000 where the crucial Fibonacci retracement levels of the previous rise from 16825 – 17175 are placed. This zone shall be the make or break support zone and if the Nifty fails hold on to this support, it is likely that the Nifty have started the next leg of the fall.The daily momentum indicator has a positive crossover which is a buy signal and is also supporting our view that the pullback rally is not complete. Thus considering the above, we shall continue to maintain our positive outlook on the Nifty. On the upside the initial hurdle is pla ced at 18200 – 17250. Beyond this it has the potential to 17275 – 17450.

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The Nifty experienced an extreme trading day today. It traded with a positive bias for the first half of the trading session, while completely reversing in the second half of the trading session, ending the day down 75 points. Bank stocks came under fire, dragging major benchmark indices lower, as a sharp decline in US markets a day earlier warned investors. Although most other Asian indices posted gains on euphoria that the US Federal Reserve could ease on forthcoming rate hikes, local markets did not follow as higher valuations and a weak macro economy prompted investors to book gains. At close, the Sensex was down 289 points or 0.50% at 57925, and the Nifty was down 75 points at 17076. 

Technically, the Nifty has again failed to clear the short-term resistance at 17225. The index has also formed a double top formation on intraday charts, suggesting further weakness from current levels. For the bulls, 17000-16850 would act as key support zones, while 17250-17300 could be a key resistance area for the short-term traders. However, below 16850 the uptrend would be vulnerable.

Resistance: 17125, 17175, 17225   

Support: 17050, 17000, 16950