Market News
2 min read | Updated on March 18, 2024, 18:56 IST
SUMMARY
Following the open interest build-up, call traders moved aggressively at the 22,200 strike, making it immediate resistance for the NIFTY50. Put writers added fresh OI at the 21,850 strike, making it a support level.
Both the NIFTY50 and SENSEX gained 0.1% to end the day flat at 22,055 and 72,748 respectively.
Markets started the week on a subdued note, trading in a narrow range ahead of the U.S. Federal Reserve meeting later this week. Both the NIFTY50 and SENSEX gained 0.1% to end the day flat at 22,055 and 72,748 respectively.
Broader markets extended their weakness and closed lower. The NIFTY Midcap 100 declined 0.3%, while the Smallcap 100 index slipped 0.5%.
Supporting sectors: Metals (+2.4%) and Auto (+1.2%) advanced the most.
Selling pressure: IT (-1.6%) and FMCG (-0.4%) were the top laggards.
The NIFTY 50 continued to trade sideways on the daily chart, consolidating between its 20 and 50-day moving averages within a tight 200-point range. With the India VIX (Volatility Index) surging 7% intraday before retreating, traders may want to monitor price action near the key support level of the 50-DMA. Experts anticipate intraday volatility to rise ahead of the U.S. Federal Reserve meeting, which could lead to a sudden spike in option premiums. Immediate resistance for the NIFTY 50 is seen at 22,250.
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