Daily Market Commentary - March 11, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian Bourses started off tepidly on the back of weak global cues. Pharma index rose 2 percent and oil & gas indices added 1 percent. The BSE midcap and small-cap indices ended in green. Sugar stocks gained post election results and ethanol push while paper stocks were in demand post price hikes that are seen to offset input cost pressures. Both the benchmark indices closed at 16,630 & 55,550 respectively.

After yesterday's volatile session, Nifty for most of today's session remained calm as participants remain wary of the ongoing Ukraine crisis, not trying to carry risky overnight positions due to weekend factor. Index traded near its 200 day EMA which is placed near 16700 levels, acting as a crucial resistance on immediate basis.

Going further Nifty has to close above 16,750 for targets till 16,900 levels whereas on the downside 16,450 should act as immediate support followed by 16,200.

Amid sustained high inflation, the market will closely monitor announcements at Federal Reserve meet scheduled next week. The recent up move in crude has come as a surprise and is likely to impact petrol prices in near term as participants keenly watch how the government will control its impact on end consumers with also fiscal deficit targets not getting breached.

Cipla, BPCL, Sun Pharma, JSW Steel and IOC were among the top Nifty gainers, while losers were Nestle India, Maruti Suzuki, Tata Consumer Products, Hindalco Industries and NTPC.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Sensex Nifty