Daily Market Commentary - March 15, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian Bourses broke the winning streak with momentum shifting to bears on the back of an expectation of rate hike by FOMC committee as Nifty closed below 16,700 . Among sectors, except auto all other sectoral indices ended in the red with IT, metal, power and oil & gas indices down 1-4 percent. The BSE midcap and small-cap indices lost 0.5 percent each. Both the benchmark indices closed at 16,663 & 55,776 respectively.

Nifty started the day with range bound bias but gave up gains in the 2nd half of the session as traders turn cautious ahead of the much anticipated rate hike. It failed to sustain above its 200 daily EMA which is placed near 16,690 levels, which acted as a crucial resistance on intra day bounce. After today's close, Nifty will again have to look to close above 16850 for immediate targets of 16,940 & 17,050 respectively whereas on the downside 16,640 should act as immediate support followed by 16,450.

Amid scenes surrounding Ukraine-Russia war, investors are still not convinced with the easing off of tensions as peace talks are not producing the desired results. With growing sanctions on Russia and FOMC meet in US, participants will be looking keenly on how the Fed reacts to rising inflation.

Hindalco Industries, ONGC, Tata Steel, Coal India and JSW Steel were among the top Nifty losers, while gainers were Tata Consumer Products, M&M, Cipla, Shree Cements and Maruti Suzuki.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex Midcap Smallcap