March 22, 2024
2 min
On Thursday, Indian indices experienced a notable surge fueled by widespread buying, particularly in the IT sector. Both the BSE Sensex and NSE Nifty recorded gains, mirroring the positive sentiment in global markets, attributed in part to the US Federal Reserve's announcement of potential rate cuts this year. The Sensex concluded the day with a substantial climb of 539.50 points, marking a 0.8% increase to reach 72,641.19, while the Nifty also saw a significant rise of 172.90 points, closing at 22,012.00.
Among the top gainers of the day, Bharat Petroleum led the pack with shares soaring by 4%, followed closely by NTPC and Power Grid Corp. of India. However, some stocks experienced declines, with Bharti Airtel, HDFC Life Insurance, and Oil & Natural Gas being among the top losers for the session. Despite this, the overall market sentiment remained buoyant, supported by positive cues both domestically and internationally.
Nifty is anticipated to find initial support around 21,943 followed by 21,875, while resistance levels are projected at 22,081 and 22,149. Currently, Nifty exhibits a positive bias alongside volatility in trading.
For Bank Nifty, immediate support is expected near 46,476 and 46,266, with resistances identified at 46,894 and 47,104. Bank Nifty is presently poised with a positive bias amidst volatile trading conditions.
PCR Analysis: Nifty PCR-OI has increased with nifty has positive which shows PUT WRITING.
Open Interest Analysis: Nifty future March contract OI has decreased with positive close which shows Short Covering.
Cost of Carry Analysis: Nifty MARCH month contract has ended in high compare with APR contract and high range compare with previous session which indicates a positive bias.
India VIX Analysis: India VIX has closed at 12.51 vs 13.47 (DoD) basis which shows decrease in volatility.
Have any queries?
© Made with ❤️ in Coimbatore, India | Copyright © 2023 onwards, GoPocket.
Open your demat account in 5 minutes and enjoy Rs 0 brokerage for the first 30 days
