Nifty:21839.1/21.65/0.1%;Candle:OF,Doji; Bank Nifty:46310.9/-73.9/-0.16% Candle:OF,Doji ; HB:OF,Long day red,1532
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long31%FutCash;-2599;Opt95%
OI data Nifty ( max pain W21850M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
The NSE has added Tata Chemicals to the F&O ban list for March 21, while retaining Balrampur Chini Mills, Biocon, Hindustan Copper, Indus Towers, Piramal Enterprises, RBL Bank, and Zee Entertainment Enterprises on the said list. BHEL and SAIL were removed from the said list.
Market wrap up(DWM,T,N,E):Given the smart recovery from the day’s low and the formation of the Doji candlestick pattern on the daily charts on March 20 after a large bearish candle in the previous session, the market may see some pullback rally but the sustainability of the same is the key to watch as overall sentiments are still weak, experts said, adding the index may face immediate resistance at 21,900-22,000 levels with support at 21,700 mark. On March 20, the BSE Sensex rose 90 points to 72,102, while the Nifty 50 was up 22 points at 21,839. Doji candlestick pattern means the closing is similar to opening levels, indicating the tug-of-war between bulls and bears for further market trend, and this can also act as a trend reversal pattern. “Normally, a Doji after a reasonable up move or down move calls for impending trend reversals. Having formed a Doji after a minor downtrend, the chance of a minor pullback rally is likely,” Minor degree positive chart patterns like higher tops and bottoms have been negated recently as per the daily chart. Hence, any upside bounce from here is expected to be a lower top formation in the short term. He feels the near-term trend of Nifty remains weak. “Further up move from here could find strong overhead resistance around 22,150-22,200 levels in the next few sessions and this is likely to be a sell-on-rise opportunity. Immediate support is at 21,700,” he said.
