Daily Market Commentary - March 17, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian Bourses closed the day with big gains of more than 300 points as Fed hiked its interest rates by 0.25% which was more or less expected in market. All the sectoral indices ended in the green with auto index rising 2 percent and realty index gaining 3 percent. BSE midcap & small-cap indices gained over a percent each. Both the benchmark indices closed at 17,287 & 57,863 respectively.

Nifty started the day with a huge gap up of almost 1.5% and held on to gains as shorts started to cover their positions and heavyweights saw buying in today's session. It was able to sustain above its 200 daily EMA which is placed near 16,690 levels, which acted as a crucial resistance. After today's close, Nifty will look to continue for immediate targets of 17450 & 17,500 respectively whereas on the downside 17000 should act as immediate support followed by 16850.

US Fed raised the interest rate by 0.25%, the first increase since December 2018, Officials indicated an aggressive path ahead. GDP growth estimate for the year revised lower to 2.8% from 4%.

HDFC, JSW Steel, Titan Company, SBI Life Insurance and Kotak Mahindra Bank were among the top Nifty gainers, while losers were Infosys, Cipla, IOC, Coal India and HCL Technologies.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex BSE NSE