Daily Market Commentary - March 14, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian Bourses gained on the back of positive global cues as Nifty closed above 16850. On the sectoral front, IT and bank indices rose 2 percent each, while the Realty index lost nearly 2 percent. The BSE midcap index ended flat, while small-cap index gained 0.3 percent. Both the benchmark indices closed at 16,871 & 56,486 respectively.

Nifty had a trending day for the entire day with buying witnessed during all intra-day dips throughout the day. Index has again started to trade above its 200 day EMA which is placed near 16,700 levels, which acted as a crucial resistance. After today's close, Nifty will begin to look for targets till 17,050 levels whereas on the downside 16,640 should act as immediate support followed by 16,450.

Amid sustained high inflation, the market will closely monitor announcements at Federal Reserve meet scheduled next week. FIIs selling and crude prices are subsiding. Globally, investors are bracing for rate hikes as expected. Domestic WPI has spiked up however market is ignoring as future prices can get gloomy.

Infosys, SBI, HDFC Bank, Maruti Suzuki and Axis Bank were among the top Nifty gainers, while losers were IOC, ONGC, HUL, Tata Motors and HDFC Life.

Source : Equity Bulls

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DailyMarketCommentary Nifty Sensex BonanzaPortfolio