Nifty:21817.45/-238.25/-1.08%;Candle:OGD,Long day red; Bank Nifty:46384.8/-191.1/-0.41% Candle:OGD,Doji ; HB:OGD,Long day green,1450,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long33%FutCash;1421;Opt97%
OI data Nifty ( max pain W21900M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
The NSE has added Indus Towers to the F&O ban list for March 20, while retaining Balrampur Chini Mills, BHEL, Biocon, Hindustan Copper, Piramal Enterprises, RBL Bank, SAIL and Zee Entertainment Enterprises on the said list. Aditya Birla Fashion & Retail, Manappuram Finance, National Aluminium Company and Tata Chemicals were removed from the said list.
Market wrap up(DWM,T,N,E):With the increasing weakness in the market after the breaking down of the consolidation range as well as upward sloping support trendline and 50-day EMA (exponential moving average placed at 21,865), the market participants seem to be cautious now. If the Nifty 50 fails to hold on to the 21,800 level in coming sessions, then is likely to extend a southward journey initially towards the 21,700 mark and then at 21,500, experts said, adding that in the case of a bounce back, the index may face resistance at 22,000 and 22,200 levels. On March 19, the BSE Sensex lost 736 points or 1.01 percent to end the day at 72,012, while the Nifty 50 fell 238 points or 1.08 percent to 21,817 and formed a long bearish candlestick pattern on the daily charts with above-average volumes. The index has also broken the higher highs and higher lows formation on the daily charts by falling below 21,860 indicating more weakness. “The Nifty has broken down from the rising wedge pattern on the daily chart, suggesting a potential reversal of the uptrend. Additionally, it has fallen below the critical short-term moving average, indicating weakening momentum,” The relative strength index (RSI) has also shown a bearish crossover, indicating increasing selling pressure. “Key levels to watch include resistance at 22,000 and support at 21,800. A drop below 21,700 could lead to further correction in the Nifty,” Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas also feels daily and hourly momentum indicator has a negative crossover, which is a sell signal. “The next crucial support level comes in at 21,740 and below that potentially towards 21,530,”
Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas also feels daily and hourly momentum indicator has a negative crossover, which is a sell signal. “The next crucial support level comes in at 21,740 and below that potentially towards 21,530,” Gedia added.
However, he believes that the Nifty is at the fag end of the fall and the selling may not be that sharp. The Nifty Midcap 100 and Smallcap 100 indices declined 1.2 percent each on weak breadth.
