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Market Report: March 12, 2024
In a volatile trading session on March 12, the Indian benchmark indices ended on a mixed note. The BSE Sensex rose 165.32 points or 0.22 percent to 73,667.96, while the Nifty gained three points or 0.01 percent to 22,335.70.
Market Highlights:
Investors were attentive to the release of US inflation data for indications on the Federal Reserve's potential rate cut cycle.
Market started flat to positive and extended gains throughout the day but saw profit booking later, with selling across sectors except Information Technology.
Top gainers on the Nifty included HDFC Bank, TCS, LTIMindtree, Maruti Suzuki, and Infosys, while losers were Adani Enterprises, Cipla, Grasim Industries, Adani Ports, and SBI.
Except for IT, all other sectors ended in the red. Realty index was down nearly 3.5 percent, PSU Bank and Media indices down two percent each, while capital goods, FMCG, healthcare, metal, and power indices fell one percent each.
BSE Midcap index was down 1.3 percent, and Smallcap index shed two percent.
Stock Movement:
Volume spike of more than 200 percent was seen in Aditya Birla Capital, Indiamart Intermesh, Oracle Financial Services Software.
Long build-up was observed in Balkrishna Industries, Aditya Birla Capital, Indiamart Intermesh, while short build-up was seen in DLF, NALCO, and Bharat Electronics.
TCS, Oracle Fin Serv, Interglobe Aviation, Quick Heal Technologies, eMudhra, Hercules Hoists, Cigniti Technologies, Gujarat Themis, Waaree Renewable, among others, touched their 52-week high on the BSE.
Technical Analysis:
Nifty witnessed a swing of approximately 200 points but closed marginally in the green, indicating extreme volatility. It remains rangebound between 22,200 – 22,600 for the past seven trading sessions.
Multiple support parameters such as the 20-day moving average (22,199) and the previous swing low (22,224) are expected to absorb selling pressure on the downside. Immediate resistance is seen at 22,500 – 22,550.
Bank Nifty tested the 20-day moving average (46,900) and saw a decent pullback, closing slightly lower. Crucial support is placed at 47,000 – 46,900, with resistance in the zone 47,820 – 48,000.
Broader market witnessed significant declines with the Midcap Index closing down approximately 1.4% and Smallcap Index down around 1.98%. The small cap index has reached the 20-week moving average at 15,075, potentially reducing the intensity of further falls.
Conclusion:
The Indian market exhibited mixed sentiment amidst volatility, with certain sectors outperforming while others faced selling pressure. Investors are closely monitoring global cues, particularly US inflation data, for insights into the Federal Reserve's monetary policy stance. Technical analysis suggests a range-bound movement for Nifty and Bank Nifty, with key support and resistance levels to watch. The broader market's performance indicates caution, with potential stabilization seen in small-cap stocks.
