Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty gave up the gains of the morning after a gap down opening and ended in the negative on March 23. At close, Nifty was down 0.44% or 75 points at 17076.9. Smallcap index fell less than the Nifty even as the advance decline ratio fell to 0.62:1.
Most Asian stock markets ended in the positive, while European markets were trading lower on March 23 as markets weighed the prospect of a less hawkish Federal Reserve against increased economic headwinds in the coming months. Investors felt that further increases, along with rates remaining higher for longer, are likely to apply increased pressure on the global economy this year.
Swiss Central Bank hiked key interest rates by 50 bps to 1.50% despite the banking crisis.
Nifty could not build on to the two day gains. 17200-17225 is proving to be a tough resistance. On falls, 16985 could provide support. If Nifty does not resume the uptrend by tomorrow, then the short term top would have been made at 17207.