Daily Market Commentary - March 16, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian Bourses closed the day with big gains ahead of the FOMC meeting as the index closed above 16,950. All the sectoral indices ended in the green with IT, oil & gas, metal, and realty indices rising 2-3 percent, while auto, bank, capital goods, FMCG, and power indices gained 1 percent each. BSE midcap and small-cap indices added over 1 percent each. Both the benchmark indices closed at 16,975 & 56,816 respectively.

Nifty started the day with a huge gap up and held on to gains as heavyweights saw buying in today's session. A dark cloud pattern failure has been noticed and closed above yesterday's high indicating bullish implications. It was able to sustain above its 200 daily EMA which is placed near 16,690 levels, which acted as a crucial resistance. After today's close, Nifty will look to continue for immediate targets of 17,050 & 17,200 respectively whereas on the downside 16,850 should act as immediate support followed by 16,640.

Amid the uncertainty surrounding the Ukraine-Russia war, investors are still not convinced with the easing off of tensions as peace talks are not producing the desired results. With growing sanctions on Russia and FOMC meeting in the US, participants will be looking keenly at how the Fed reacts to rising inflation.

UltraTech Cement, Axis Bank, Shree Cements, IndusInd Bank, and Bajaj Auto were among the top Nifty gainers, while losers were Cipla, Sun Pharma, Tata Consumer Products, and Power Grid Corporation.

Source : Equity Bulls

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