Market Commentary

Daily Markets Wrap - March 27, 2023 - HDFC Securities

Posted On : 2023-03-27 21:54:19( TIMEZONE : IST )

Daily Markets Wrap - March 27, 2023 - HDFC Securities

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

Nifty ended in the positive on March 27 after two loss days, though it closed much lower than the intra day high. At close, Nifty was up 0.24% or 40.7 points at 16985.7. Broad market indices ended in the negative even as the advance decline ratio fell to 0.29:1.

Most Asian stocks struggled on Monday amid renewed concerns over more defaults in U.S. and European banks, with Chinese markets falling the most as weak results pulled oil and gas shares lower. European shares were higher after First Citizens BancShares soothed fragile markets on Monday by saying that it would take the deposits and loans of failed Silicon Valley Bank.

S&P Global Ratings on Monday kept its forecast for India's economic growth unchanged at 6 per cent in the fiscal year starting April 1, before rising to 6.9 per cent in the following year.

Nifty again failed to hold on to intra day gains and witnessed a last hour selloff. 16747-16828 band could offer support in the near term while 17107-17145 could offer resistance. Mood in Indian markets currently in the holiday shortened week and ahead of the fiscal year end seems to be to reduce positions especially in the broader market and take tax losses.

Source : Equity Bulls


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