Technical Analysis and Support Levels
The benchmark Sensex and Nifty indices are likely to open on a flat-to-negative note on March 22 as trends in the GIFT Nifty indicate a muted start for the broader index with a loss of 23 points. Market Analysis Let’s delve into the market analysis for key insights.
Market Overview:
On March 21, Sensex and Nifty 50 ended higher, tracking a rally in global markets after the US Federal Reserve maintained its projection of three rate cuts this year, boosting investor sentiment. The Sensex closed at 72,692.29, up 590.60 points or 0.82 percent, while the Nifty 50 closed at 22,014.80, up 175.70 points or 0.80 percent.
The pivot point calculator suggests that the Nifty 50 may face resistance at 22,025, followed by 22,098 and 22,151 levels. On the lower side, immediate support levels are seen at 21,958, 21,925, and 21,872.
Global Markets:
Global share benchmarks rallied further into uncharted territory on Thursday, with the Dow Jones Industrial Average up 269.24 points (0.68%), the S&P 500 gaining 16.9 points (0.32%), and the Nasdaq Composite gaining 32.43 points (0.2%).
Asian Markets:
The Nikkei 225 crossed 41,000 to hit a fresh all-time high, while other Asia-Pacific markets opened mixed. The Bank of England kept its main interest rate unchanged at 5.25% despite dropping inflation.
Electoral Bonds Data:
The Election Commission of India (ECI) uploaded data on Electoral Bonds provided by SBI, Market Analysis linking donors to unique alphanumeric bond numbers, and information about the political parties that encashed the bonds.
Sebi’s T+0 Settlement Framework:
Sebi issued a framework for implementing the beta version of same-day or T+0 settlement on an optional basis, Market Analysis starting with 25 scrips and limited trade timing between 9.15 am and 1.30 pm.
Accenture’s Revenue Forecast:
Accenture lowered its revenue forecast for fiscal year 2024 due to economic uncertainty Market Analysis, expecting full-year revenue growth within 1-3% compared to the earlier projection of 2-5%.
US Weekly Jobless Claims:
The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, indicating strong job growth in March.
Crude Oil Prices:
Oil prices sank in early Asian trading on Friday due to a possible Market Analysis Gaza ceasefire, a stronger US dollar, and faltering gasoline demand.
FII and DII Data:
FIIs net sold shares worth Rs 1,826.97 crore, while DIIs bought Rs 3,208.87 crore worth of stocks on March 21, according to provisional data from the NSE.
Stocks under F&O Ban on NSE:
The NSE added SAIL to the F&O ban list for March 22 and retained several stocks while removing Hindustan Copper and RBL Bank from the list.
Stay tuned for more updates on market trends and analysis as the fourth quarter earnings season approaches, providing insights into the performance of Indian IT companies like TCS.
FAQs (Frequently Asked Questions) about Market Analysis: Sensex and Nifty Open Flat on March 22
- What was the market performance on March 21?
- The Sensex and Nifty 50 ended higher on March 21, tracking a rally in global markets after the US Federal Reserve maintained its projection of three rate cuts this year.
- What are the technical analysis and support levels for Nifty 50?
- The pivot point calculator indicates that the Nifty 50 may face resistance at 22,025, followed by 22,098 and 22,151 levels, with support levels at 21,958, 21,925, and 21,872.
- What were the trends in global markets on March 21?
- Global share benchmarks rallied further into uncharted territory, with notable gains in the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite.
- How did Asian markets perform on March 22?
- The Nikkei 225 crossed 41,000 to hit a fresh all-time high, while other Asia-Pacific markets opened mixed.
- What updates were provided about Electoral Bonds data?
- The Election Commission of India (ECI) uploaded data on Electoral Bonds provided by SBI, linking donors to unique alphanumeric bond numbers and providing information about the political parties that encashed the bonds.
- What is Sebi’s T+0 settlement framework?
- Sebi issued a framework for implementing the beta version of same-day or T+0 settlement on an optional basis, starting with 25 scrips and limited trade timing between 9.15am and 1.30pm.
- Why did Accenture lower its revenue forecast for fiscal year 2024?
- Accenture lowered its revenue forecast due to economic uncertainty leading Market Analysis clients to reduce spending on consulting services, expecting full-year revenue growth within 1-3% compared to the earlier projection of 2-5%.
- What was the update on US weekly jobless claims?
- The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, indicating strong job growth in March.
- What influenced crude oil prices on March 22?
- Crude oil prices sank in early Asian trading on March 22 due to a possible Gaza ceasefire, a stronger US dollar, and faltering gasoline demand.
- What were the trends in FII and DII investments on March 21?
- Foreign institutional investors (FIIs) net sold shares worth Rs 1,826.97 crore, while domestic institutional investors (DIIs) bought Rs 3,208.87 crore worth of stocks on March 21, according to provisional data from the NSE.
- Which stocks were under the F&O ban on NSE for March 22?
- The NSE added SAIL to the F&O ban list for March 22 and retained several Market Analysis while removing Hindustan Copper and RBL Bank from the list.
