Daily Market Commentary - March 10, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian Bourses started off with huge gains amid a volatile trading session as participants had their eyes on state election results. The trend has ensured BJP as clear winners in 4 out of 5 state elections. All the sectoral indices ended in the green with auto, metal, FMCG, power, capital goods, PSU Bank and realty indices added 1-2 percent. BSE Small-cap and Midcap indices rose 1 percent each. Both the benchmark indices closed at 16,594 & 55,464 respectively.

After yesterday's session, the momentum remained sideways to positive in the first half with more than 350 points gap-up amidst election results giving hope to retailers of a big upside rally but was unable to sustain with US markets turning negative in the later half of the session. Index was unable to sustain the 200 Day EMA which was placed near 16,700 which will remain an important level in the upcoming trading sessions.

Going further Nifty has to close above 16,750 for immediate targets till 16,900 levels whereas on the downside 16,450 should act as immediate support followed by 16,200.

The BJP's strong showing in the state elections encouraged the bullish mood even further. Investors should stay cautious because the geopolitical stalemate remains unpredictable.

A weak western market ahead of ECB & US CPI data and rise in crude prices added volatility in between.

HUL, Tata Steel, Grasim Industries, JSW Steel and SBI were among the top Nifty gainers. On the other hand, Coal India, Tech Mahindra, Dr Reddy's Labs, ONGC and TCS were the biggest losers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex BSE SmallCap Midcap