Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty fell for the fifth consecutive session on March 15 as worries over banking contagion in the developed world continued to hurt sentiments. At close Nifty was down 0.42% or 71.2 points at 16972.2. Volumes on NSE were below recent average. Broad market indices did better than the Nifty even as the advance decline ratio remained at 0.78:1.
An uneasy calm fell on world markets on Wednesday, with efforts by regulators and financial executives to ease contagion fears sparked by the collapse of Banks in the US improving sentiments though investors seemed not sure about how long will this last.
India's trade deficit came in at $17.4 billion in February 2023, which is narrower as compared to $18.75 billion in the year-ago period and $17.76 billion in January 2023.
Nifty failed to build on the opening gains on Mar 15 and ended in the negative. 16747-17166 could be the trading range for Nifty in the near term. The day when Nifty has a Gap up opening and closes near day's high could signify a short term reversal.