Daily Market Commentary - March 23, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian bourses started off positively but soon gave up gains and slided southwards as Nifty closed below 17,250 ahead of weekly Expiry. Among sectors, healthcare, metal, oil & gas and power indices ended in the green, while selling was seen in the auto, bank, capital goods and FMCG. The BSE midcap and small-cap indices ended on flat note for the second day in a row. Both the benchmark indices closed at 17,245 & 57,684 respectively.

Nifty formed a dark cloud cover candlestick pattern on daily charts indicating stiff resistance near 17,450 levels. Its is trading above all its major moving averages and importantly it is sustaining above its 200 Day EMA which is placed near 16,700 levels, which will be a crucial level in upcoming trading sessions. After today's close, Nifty will look to continue for immediate targets of 17,350 & 17450, respectively whereas on the downside 17,000 should act as immediate support followed by 16,850.

On the global front, uncertainty still looms over investors which means that volatility will likely continue. Inflationary pressure will continue as central banks across the world has started to hike the rates. The oil price spike looks to follow a more or less known pattern.

Kotak Mahindra Bank, HDFC, Britannia Industries, Bharti Airtel and Cipla were among the top Nifty losers, while gainers were Hindalco Industries, Divis Labs, Dr Reddy's Laboratories, Tata Steel and UPL.

Source : Equity Bulls

Keywords

DailyMarketCommentary BonanzaPortfolio Nifty Sensex BSEMidcap BSESmallcap