Market Commentary

View on Market Performance - March 8, 2023 - HDFC Securities

Posted On : 2023-03-08 17:50:18( TIMEZONE : IST )

View on Market Performance - March 8, 2023 - HDFC Securities

Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

US stock indexes finished sharply lower on Tuesday as investors digested Federal Reserve Chairman Jerome Powell's hawkish message to Congress on the first day of his semi-annual, two-day monetary policy testimony that the central bank will not rule out bigger interest rate hikes at the coming March meeting in order to tame stubborn inflation.

After opening lower on the back of weak global cues, Nifty recovered nearly 150 points from the intraday low to close near the day highs. At close, Nifty was up by 0.24% or 43 points at 17754.

Cash market volumes were slightly lower compared to the last three-day average. Nifty Madcap and Smallcap Indices gained 0.51% and 0.21% respectively. Advancing shares outnumbered the declining share in the ratio of 1.27:1. ITC contributed the most to the index gains.

Amongst the sectoral Indices, Nifty Auto and Nifty PSU Bank gained the most while Nifty Reality and Pharma were top losers.

Amongst the Nifty options, Puts are being written at 17500-17600 levels. Therefore, on the down side, 17500 could now be considered as an immediate support for the Nifty and one should remain bullish with SL of 17500 levels. On the upside 17800 could act as an immediate resistance for Nifty. Above 17800, Nifty could move towards the next resistance level of 17924 and 18135.

Source : Equity Bulls


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