Nifty:22004.75/-92.05/-0.42%;Candle:OGD,Doji; Bank Nifty:46600.2/-263.55/-0.56% Candle:OGD,Doji ; HB:OGD,Long day red,1426,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long33%FutCash;10;Opt96%
OI data Nifty ( max pain W22100M)
OI data Bank Nifty Nifty(max pain W M)
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Events/Results:
The NSE has retained SAIL to the F&O ban list for March 27. Biocon, Tata Chemicals and Zee Entertainment Enterprises were removed from the said list.
Market wrap up(DWM,T,N,E):The market is expected to remain rangebound in the coming sessions too, with the Nifty 50 likely facing hurdle at 22,100-22,200 levels on the higher side, while the immediate support may be at 21,900, followed by 21,800 level, experts said, adding the breaking of the said range on either side can give firm direction to the index. On March 26, the BSE Sensex was down 362 points at 72,470, while the Nifty 50 fell 92 points to 22,005 and formed bullish candlestick pattern with long upper shadow on the daily charts, which was formed within the body of previous day’s candle, indicating a broader rangebound action for the market. “At the lows, the area of 21,900 is offering strong support for the market and the Nifty is facing stiff resistance at the highs around 22,150-22,200 levels. Hence, a decisive move beyond this range is likely to open sharp movement for the market on either side,” He feels the overall long-term chart pattern remains positive and that indicates a possibility of upside breakout in the near term. For an optimistic outlook, Om Mehra, technical analyst at Samco Securities feels the Nifty needs to close above the middle Bollinger band around the 22,180-22,200 zone and until Nifty surpasses these levels, it may be advisable to opt for a sell-on-rise strategy. However, the broader markets continued to outperform benchmark indices as the Nifty Midcap 100 index rose 1 percent and Smallcap 100 index gained 0.4 percent.
