Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty rose for the second consecutive session on March 22 after a range bound session. At close, Nifty was up 0.26% or 44.4 points at 17151.9. Volumes on the NSE were the lowest in more than 9 months. Smallcap index rose more than the Nifty even as the advance decline ratio remained high at 1.64:1.
Asian stocks rose on Wednesday while European stocks struggled for momentum after a tentative recovery in the past two sessions, with investors looking ahead to a crucial monetary policy decision from the Federal Reserve amid turmoil in the banking sector. UK's inflation unexpectedly accelerated to 10.4% in February.
Nifty carried on with the upmove, though the pace reduced. It could now rise towards 17422 once the 17255 level is taken out. On falls, 17067 could provide support.