Nifty:22335.7/3.05/0.01%;Candle:OF,Doji; Bank Nifty:47282.4/-45.45/-0.1% Candle:OF,Doji ; HB:Of,Long day green,1461,
Nifty :Supp Rest
Banknifty:Supp Rest .
Gift Nifty:% FII Long43%FutCash;73;Opt99%
OI data Nifty ( max pain W22400M)
OI data Bank Nifty Nifty(max pain W M)
News:
Events/Results:
The NSE has added National Aluminium Company, and Piramal Enterprises to the F&O ban list for March 13, while retaining Aditya Birla Fashion & Retail, Hindustan Copper, Manappuram Finance, Mahanagar Gas, SAIL, Tata Chemicals, and Zee Entertainment Enterprises on the said list.
Market wrap up(DWM,T,N,E):After witnessing weakness at the top and shifting into volatility, the market is expected to remain choppy in the coming sessions too, with support at around 22,200-22,100 levels, experts said. In case of strength, the Nifty 50 may face hurdle at 22,500 on the higher side, they added. On March 12, the BSE Sensex rose 165 points to 73,668, while the Nifty 50 gained three points at 22,336, and formed Doji candlestick pattern on the daily charts as the closing was near opening levels. “Normally, such Doji pattern after a reasonable upside or downside movement calls for an impending trend reversal. But having formed this pattern after one session of weakness doesn’t imply any significant prediction of the pattern,” there is a possibility of some more weakness amidst choppy movement in the next 1-2 sessions before witnessing another round of upside bounce from the lower levels. “Immediate support is at 22,150-22,100 levels.” Rajesh Bhosale, a technical analyst at Angel One, advised traders to monitor crucial resistance levels, particularly the stiff immediate hurdle around 22,500 – 22,550, which aligns with the upper boundary of the Rising Wedge formation. Conversely, “despite the absence of significant selling pressure, prices are approaching key support levels, notably the 20-day EMA (exponential moving average) near 22,200, followed by crucial support at 22,000, marking the lower end of the Rising Wedge and a potential bearish reversal trigger point,” he said. The broader markets underperformed frontline indices as the breadth was largely in favour of declines. The Nifty Midcap 100 and Smallcap 100 indices fell 1.4 percent and 2 percent, respectively.
