The NSE Nifty 50 has left bearish gaps in the range of 22,450–22,514 and 22,668–22,720, which will act as strong hurdles in the short term, according to analysts.
Technically, the index formed a follow-up bullish candle after forming a bullish belt-hold candlestick pattern, indicating strength, according to Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C Mehta Investment Interrmediates Ltd.
On the upside, 22,520 and 22,720 will be stiff resistance zones for the bulls, he said. "Traders are advised to buy near support and book profits around the resistance zone mentioned above."
A breakout above 22,500 can trigger a further upside towards 22,800. However, on the downside, if the Nifty slips below 22,300, it may retrace to test support levels at 22,000 and 21,800 respectively, according to Sundar Kewat, technical and derivatives analyst at Ashika Institutional Equity. "Given these factors, Nifty remains a conditional play, with its direction dependent on price action around these key levels."
The Bank Nifty has formed a bullish candle on the daily chart, indicating strength. The index is facing resistance on the upside near 48,600–48,660 levels, according to Yedve.
Sustaining above 48,660 can trigger a fresh move towards the 49,000 level, while on the downside, 47,840 will remain a firm support, he added.
Market Recap
The benchmark equity indices ended Wednesday's session in the green, marking an end to the longest losing streak in 29 years.
The NSE Nifty 50 ended 254.65 points or 1.15% higher at 22,337.30, while the BSE Sensex closed 740.30 points or 1.01% up at 73,730.23.
F&O Cues
The Nifty March futures were up 1.14% to 22,441.35 at a premium of 104.05 points, with the open interest down 2.04%.
The open interest distribution for the Nifty 50 March 6 expiry series indicated most activity at 22,600 call strikes, and the 22,000 put strikes having the maximum open interest.
FII/DII Activity
Foreign portfolio investors continued to remain net sellers of Indian equities for the tenth straight session on Monday, while domestic institutional investors stayed net buyers for the 20th straight session.
The FPIs offloaded stocks worth Rs 2,895.04 crore. The DIIs mopped up equities worth Rs 3,370.60 crore, according to provisional data from the National Stock Exchange.
Major Stocks In The News
Zydus Lifesciences: The firm received the final approval from the United States Food and Drug Administration to manufacture Dasatinib Tablets.
Gensol Engineering: Investment Information and Credit Rating Agency revised the firm's rating by downgrading it to D vs BBB- for its long-term-fund-based term loans after feedback from the company’s lenders about the ongoing delays in debt servicing.
Galaxy Surfactants: The company entered into a strategic collaboration via its group companies with one of its global customers to provide engineering, procurement and construction services for their performance surfactants and specialty ingredients plant at an overseas location.
Global Cues
Stocks in the Asia-Pacific region advanced on Thursday on a minor relief after US President Donald Trump agreed to delay newly imposed automaker levies and certain agricultural products on Mexico and Canada.
Japan's Nikkei rose 1.04%, or 380 points to 37,794, while South Korea's Kospi was up 0.44% at 2,568 as of 6:45 a.m. Future contracts in China and Hong Kong hinted at a positive start for the stocks after it set its economic growth at 5% for the third consecutive year.
The South Asian country also set this year’s fiscal deficit target to around 4% of gross domestic product. The renewed focus on domestic consumption is expected to stimulate economic activity and support sustained growth, according to Citi Group.
The White House said auto tariffs on Mexico and Canada would be delayed by a month, according to a Bloomberg report while Trump is considering exempting certain agricultural products from tariffs. The dollar index tumbled 1% in the previous session, taking the monthly fall in March so far to 3.07%, the biggest fall since November 2022.
Elsewhere, the yields on benchmark German 10-year bonds rose 30 basis points, the most since 1990 after the chancellor-in-waiting announced a sweeping fiscal overhaul. The country said it would spend hundreds of billions of euros on defence and infrastructure investments.
Interest rate decision in Malaysia and inflation in Vietnam will be the key data points in focus in the Asia region on Thursday.
In another volatile session, stocks on Wall Street ended higher in the late hour, recovering from a two-day fall. The S&P 500 rose 1.12%, while the Nasdaq 100 advanced 1.46%. The Dow Jones Industrial Average rose by 1.14% on Wednesday.
Meanwhile, crude oil prices fell to the lowest level since May 2023. The Brent crude was up 0.39% at $69.57 a barrel as of 6:51 a.m. IST, and the West Texas Intermediate was up 0.39% at $66.57.
Forex Market
The Indian rupee closed stronger by 31 paise at 86.86 against the US dollar on Wednesday as continued fall in the crude oil prices offered relief, amid the escalating trade war set off by US President Donald Trump.
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
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