Daily Markets Wrap - March 21, 2023 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose for 3rd day out of past four sessions on March 21 aided by overnight gains in the US markets. At close, Nifty was up 0.70% or 119.1 points at 17107.5. Volumes on the NSE did not expand despite gains in the Nifty. Broad market indices rose less than the Nifty even as the advance decline ratio rose to 1.37:1.

Global stock markets followed Wall Street higher on Tuesday ahead of a Federal Reserve decision on another possible interest rate hike amid worries about global banks.Investors hoped for less-aggressive moves by the U.S. Federal Reserve at its policy meeting this week although it's probably too early to call an end to the banking turmoil, given difficult conditions still exist for the smaller U.S. banks as well as potential controversies in the bond markets after the losses imposed on Credit Suisse's junior bondholders.

Nifty followed up on the upside post the hammer formed on the previous day. A move about 17146 could take the Nifty to 17255 in the near term. On falls 16985 could offer support.

Source : Equity Bulls

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