The NSE Nifty 50 has sustained above bearish gaps, with the major resistance of 22,668–22,720 being where the next bearish gap is placed, according to analysts.
Technically, the index formed a green candle after crossing the bearish gap, indicating strength, according to Hrishikesh Yedve, research analyst at Asit C Mehta Investment Interrmediates Ltd.
On the upside, 22,720 and 22,800 will be stiff resistance zones for the bulls. On the downside, 22,240 will act as immediate support, Yedve said. “Though the overall market suggests strength, traders should wait for a move above 22,800. Until then, buy near support and take profits around resistance,” he added.
It may still be premature to confirm a bottom formation as the recent bounce has occurred after a heavy correction over the past few months, according to Rajesh Bhosale, technical analyst at Angel One Ltd. “For the week’s final session, a close above the previous week’s high of 22,700 would be ideal to build momentum for the next leg of the rally in the coming week.”
The Bank Nifty has formed a red candle on the daily chart. The index is indicating a strong resistance near the 48,660 level. A sustainable breakout above this level can trigger a fresh move towards the 49,000 level, while on the downside, 47,840 will remain a firm support, Yedve added.
Market Recap
The benchmark indices ended in the green for the second straight day on Thursday. The NSE Nifty 50 rose to hit the 22,500 mark again after five sessions, whereas the BSE Sensex reclaimed the 74,000 mark.
The Nifty ended 207.40 points or 0.93% higher at 22,544.70, while the Sensex closed 609.86 points or 0.83% up at 74,340.09.
F&O Cues
The Nifty March futures were up 0.80% to 22,620.95 at a premium of 76.25 points, with the open interest up 1.56%.
The open interest distribution for the Nifty 50 March 6 expiry series indicated most activity at 23,000 call strikes, and the 21,000 put strikes had the maximum open interest.
FII/DII Activity
Foreign portfolio investors continued to remain net sellers of Indian equities for the 11th straight session on Thursday, while domestic institutional investors stayed net buyers for the 21th straight session.
The FPIs offloaded stocks worth Rs 2,377.32 crore. The DIIs mopped up equities worth Rs 1,617.80 crore, according to provisional data from the National Stock Exchange.
Major Stocks In The News
Bajaj Finserv: The firm’s unlisted insurance subsidiaries posted their business updates, Bajaj Allianz General reported a Gross Direct Premium at Rs 1,219 crore. While Bajaj Alliance Life Insurance Company reported a total premium stood at Rs 1,080 crore.
Bharat Electronics: The company secured additional orders worth Rs. 577 crore bringing the total accumulated orders received by BEL during the current financial year to Rs.13,724 crore. The orders include airborne electronic warfare products, advanced composite communication system for submarines, doppler weather radar, train communication system and radar upgradation,
Kalpataru Projects International: The company bagged new orders worth Rs 2,306 crore for transmission & distribution business in overseas market and building projects in India. With these new orders, the order intake till date in Fiscal 2025 has reached around Rs 22,500 crore.
Brigade Enterprises: The company announced the launch of Brigade Altius in Chennai, a premium residential project with a revenue potential of Rs 1,700 crore.
Eris Lifesciences: The company is set to sell it’s complete stake in the two arms to unit Eris Therapeutics for the sum of Rs 862 crore. This includes wholly owned subsidiaries such as Eris Oaknet Healthcare Pvt. and Aprica Healthcare Ltd.
Global Cues
Stocks in the Asia-Pacific region slipped on Friday as Wall Street tumbled overnight, shrugging off US President Donald Trump’s relief on the tariffs front.
Japan’s Nikkei fell 1.9%, or 737 points to 36,966, while South Korea’s Kospi was down 0.64% at 2,559 as of 6:30 a.m. Future contracts in China hinted at a positive start as the central bank signalled a moderately loose monetary policy.
China’s central government has sufficient fiscal tools to respond to possible domestic and external challenges, Chinese Finance Minister Lan Fo’an told Bloomberg News. For the third consecutive time, the South Asian country earlier set this year’s fiscal deficit target to around 4% of the gross domestic product.
In a major relief, Trump said he would exempt Mexico and Canada from new tariffs on any goods and services that fall under the North American trade agreement known as USMCA.
Wall Street, however, brushed aside the reprieve with the tech-heavy gauge on the brink of a technical correction. The S&P 500 fell 1.78%, while the Nasdaq 100 slipped 2.61%. The Dow Jones Industrial Average declined by 0.99% on Thursday.
All eyes will be on the US unemployment data and initial jobless claims scheduled for Friday. Fed Chair Jerome Powell will speak at a monetary policy forum during the day with the central bank expected to hold rates steady in the upcoming policy meeting on March 18-19.
The dollar index — which tracks the greenback’s performance against a basket of 10 leading global currencies — was 0.11% up at 104.17. Bitcoin traded above $90,000.
Meanwhile, crude oil prices are on track for the biggest weekly decline since October. The Brent crude was up 0.23% at $69.46 a barrel as of 6:40 a.m. IST, and the West Texas Intermediate was down 0.24% at $66.20.
Forex Market
The Indian rupee closed 15 paise weaker at 87.11 against the US dollar on Thursday even as the Reserve Bank of India infused additional liquidity into the banking system to boost growth.
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