Market News
2 min read | Updated on March 12, 2024, 18:45 IST
SUMMARY
According to options data, the NIFTY50 has immediate resistance at 22,500 and traders are expecting the range-bound movement to continue between 22,000 and 22,600 for this week's expiry.
Stock list
Markets ends flat, NIFTY50 settles at 22,335.
Indian markets closed flat on Tuesday, supported by buying in few large-cap stocks. The benchmark NIFTY 50 was flat at 22,335 while the SENSEX was marginally higher by 0.2% at 73,667.
However, sentiment in the broader market remained weak. The NIFTY Midcap 100 and Smallcap 100 indices fell by over 1% and 2% respectively. Notably, the Smallcap index has now corrected almost 10% from its recent all-time high.
Barring IT (+0.6%), all the major sectoral indices extended their declines and closed in the red. Real Estate (-3.7%), PSU Banks (-2.5%) and Metals (-1.7%) were the worst performers.
The NIFTY50 index ended the day with a doji pattern, reflecting indecision in the market. Index heavyweights like HDFC Bank (+2.2%), TCS (+1.6%), Reliance Industries (+0.6%) and Infosys (+0.7%) provided crucial support.
As mentioned in our morning trade setup blog, the immediate support zone for the NIFTY50 lies between 22,200 and 22,250. A decisive close below this zone and the 20-day moving average (DMA) could trigger a further decline towards the next support level, the 50-DMA, currently around 21,900. On the upside, immediate resistance remains at 22,500.
💸AB Capital’s (+1.9%) board approved the merger of its subsidiary Aditya Birla Finance with itself to create a large NBFC.
🔥ITC slipped over 1% after reports suggested that the British American Company (BAT) may sell a part of it stake in the company this week.
💻Oracle Financial Services (+1.9%) shares jumped in India, tracking the parent company's gains, after Oracle Corp's Q3 results beat Wall Street’s estimates.
See you tomorrow!
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