Market Commentary

Daily Market Commentary - March 22, 2022 - Bonanza Portfolio

Posted On : 2022-03-22 17:31:12( TIMEZONE : IST )

Daily Market Commentary - March 22, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian bourses recorded an interesting session as index tested its psychological level of 17000 and zoomed past 17,300 at closing as Ukraine gets ready to discuss about not joining NATO. Among sectors IT, Auto, Bank and Oil & Gas indices rose 1 percent each, while Realty index was down 1 percent. The BSE midcap and smallcap indices ended on flat note. Both the benchmark indices closed at 17,315 & 57,989 respectively.

Nifty started the day on a flattish note and began its downside momentum, but later on shorts started to cover their position due to positive developments seen from Ukraine's side. This has been the second instance so far in the month where a bearish candlestick pattern is about to fail. Nifty is able to sustain above its 200 daily EMA which is placed near 16,700 levels. This will be a crucial level in upcoming trading sessions. After today's close, Nifty will look to continue for immediate targets of 17,450 & 17500, respectively whereas on the downside 17,000 should act as immediate support followed by 16,850.

On the global front, uncertainty still looms over investors which means that volatility will likely continue. Inflationary pressure will continue as central banks across the world has started to hike the rates.

Tech Mahindra, BPCL, Tata Motors, Reliance Industries and IOC were among the top Nifty gainers, while losers were HUL, Nestle India, Britannia Industries, Cipla and Divis Lab.

Source : Equity Bulls


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