Daily Markets Wrap - March 30, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose for the third consecutive day on Mar 30, led by a broad based rally in sectors even as crude oil prices clawed back after Russia gave an indication of de-escalation in hostilities. Nifty opened gap up and made a high at 1140 Hrs which it retested two other times during the day post minor corrections. At close, Nifty was up 1% or 172.9 points at 17498.

On a day when the volumes on the NSE were the highest since Mar 17, Realty, Capital Goods, Banks, Auto and IT indices rose the most while Metals fell the most. BSE Midcap and Small cap indices rose 0.78-1.09%.

Asia shares joined a global rally on Wednesday as hopes rose for a negotiated end to the Ukraine conflict. European shares fell on Wednesday as bond markets suggested pain ahead for the U.S. economy, tempering hopes of a negotiated end to the Ukraine conflict that had earlier buoyed equities.

Nifty has picked momentum over the past three days as hopes of an end to the war kept rising. However Nifty closed with a high wave pattern sign, which post a fall below the low of the day could give bearish signal. A weak European market may trickle into the US markets and Nifty may come under mild pressure tomorrow. Nifty could stay in the 17343-17582 band in the near term.

Source : Equity Bulls

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