There was a strong rally in the market on 16 March i.e. yesterday’s trading. Sensex-Nifty saw a rise of about 2 per cent in Sensex-Nifty yesterday due to decline in volatility and good signals from global markets. Auto, bank, metal and financial stocks were the big gainers in yesterday’s all round buying.
BSE Sensex closed at the level of 56817 with a gain of more than 1,000 points. At the same time, the Nifty closed at the level of 16,975 with a gain of more than 300 percent. Nifty formed a bullish candle on the daily chart yesterday. Experts say that although the Nifty closed slightly below the 200-day SMA (located around 16,990) yesterday, but the momentum seems to be in favor of the bulls. On the upside, the level of 17000 will be very important for Nifty. If Nifty manages to cross this level strongly, then we can also see the level of 17,500 in it.
Nagraj Shetty of HDFC Securities Says that a long bull candle has been formed with an up opening on the daily chart. This market action is showing signs of a strong breakout above 17,000 in the coming trading sessions. This means that if Niati breaks the level of 17,000 then more bullishness is seen. In the short term, we can see Nifty going above 17,500 as well. On the other hand, if Nifty stays below 17,000, then we can see further pressure from the upper levels. Immediate support is visible for Nifty at 16,830.
In yesterday’s trade, buying was seen in the giants as well as small and medium stocks. The Nifty Midcap index closed with a gain of 2 per cent. On the other hand, the Small Cup index closed with a gain of 1.2 per cent.
Market live: SGX Nifty shows signs of opening up of Indian markets, US Fed increased rates
Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. Please note here that the Open Interest (OI) and Volume of Stocks figures in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 16,879 and after that the second support is located at 16,783. If the index turns upwards, then it may face resistance at 17,029 then 17,084.
The first support for Nifty Bank is located at 35,538 and after that the second support is located at 35,327. If the index turns upwards, then it may face resistance at 35,882 then 36,017.
Great signal from global markets
According to estimates, due to the increase in the interest of the Fed, there has been enthusiasm in the global markets. SGX NIFTY is seeing a jump of about 300 points. There is deep greenery in Asia. DOW JONES REGARDED MORE THAN 500 POINTS IN US IN YEARS TRADE. At the same time, the NASDAQ has also jumped about 4 percent.
The US markets closed with a strong rally yesterday. The Dow saw a gain of 518 points. The S&P 500 gained 2.24 per cent and the Nasdaq 3.77 per cent. US futures are showing slight gains. There are also good signs from Asian markets. Nikkei is up more than 3 percent.
Crude softening, prices below $ 100 per barrel, gold prices up more than 1% on COMEX
Crude prices continue to soften on hopes of de-escalation of tensions between Russia and Ukraine. Its price remains below $100. On the other hand, gold prices on COMEX are seeing a rise of more than 1%. More action may be seen in OMCs and paint stocks today. Meanwhile, America is taking a tougher stand against Russia. US President Joe Biden has called Putin a war criminal. NATO calls on Russia to stop fighting. On the other hand, the United Nations Security Council is going to have an emergency meeting today.
US Federal Reserve hikes interest rate by a quarter percent
The US Federal Reserve has increased its interest rate by a quarter percent. After 3 years, the Fed has announced to increase the interest rate. The US Fed raised rates for the first time since December 2018. The Fed has said that this year in 2022, it will increase interest 6 times. Rates may increase three times in 2023 as well. The Fed has also increased its inflation forecast. The Fed has said that economic growth is expected to slow down this year. Also, inflation may increase this year. Russia-Ukraine uncertainty will impact the outlook. According to the Fed, the inflation rate can increase to 4.3 percent this year.
America tough against Russia
America is taking a tougher stand against Russia. US President Joe Biden has called Putin a war criminal. NATO calls on Russia to stop fighting. On the other hand, the United Nations Security Council is going to have an emergency meeting today.
strategy on nifty
Talking about the strategy on Nifty, Virendra Kumar of CNBC-Awaaz says that its first resistance zone is 17210-16271 and the big resistance zone is 17331-17381. Its first base zone is 17210-17166 and the larger base zone is 17110-17050. Enjoy profits, huge money will be made in 17100 call, take 70% profit. New trade opportunities will be opened after the market opens. Weakness in India VIX yesterday was a clear sign of bullishness. The FIIs figures were indicating huge short covering. First the zone of 17331-350 is possible, then it can go up to 17500.
strategy on nifty bank
Talking about the strategy on Nifty, Virendra Kumar of CNBC-Awaaz says that its first resistance zone is 36210-36467 and the big resistance zone is 36775-36910. Base is not clear from tomorrow’s data, 36000 calls will make huge profits today. The opportunity for new trade will open after the market opens.
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