The stock market today saw Nifty hovering around 22,000 while Sensex took a dip by -454 points. However, amidst this, small-cap stocks showed gains, offering a silver lining.
Aspect
Details
Market Recap
Nifty hovered around 22,000; Sensex dipped by -454 points.
Except for Telecom, all sectoral indices closed in the red.
Specific Stock Predictions
Cummins India, Glenmark, Tata Steel, Zydus Life. Suggested levels provided for potential movements.
Market Analysis
Nifty maintained support range between 21,900 and 21,860; Bank Nifty encountered volatility.
Key Levels
Nifty: Support – 21,920, 21,800; Resistance – 22,000, 22,200.
Bank Nifty: Support – 46,320, 46,190; Resistance – 47,000, 47,850.
Market Indices Performance
Sensex: Dropped by -453.85 points to 72,643.43.
Nifty: Fell by -123.40 points to 22,023.30.
Top Performers and Underperformers
Top Losers: BPCL, M&M, Tata Motors, Coal India, and L&T.
Top Gainers: Bharti Airtel, UPL, Bajaj Finance, HDFC Life, and Adani Enterprises.
Sectoral Performance
Except for Telecom, all sectoral indices closed in the red, with oil & gas, auto, capital goods, and healthcare down by -1 to -2 per cent.
Midcap and Smallcap Movement
BSE Midcap index declined by -0.5 per cent, while the smallcap index ended positively.
Stock Predictions for March 18th, 2024
Let’s delve into the specific predictions for certain stocks and the overall market trends for the upcoming trading day.
Specific Stock Predictions
Stock
Good Above
Weak Below
CUMMINSIND
2730
2700
GLENMARK
931
922
TATASTEEL
144
141
ZYDUSLIFE
985
976
Nifty Outlook
The prediction for Nifty suggests a potential uptrend if it surpasses 22,000 or a downward movement post breaching the 21,920 level. However, market movement heavily relies on global cues.
Bank Nifty Outlook
Similarly, the Bank Nifty can experience an upward movement beyond 47,000 or a decline below 46,320. Again, global cues will significantly influence its trajectory.
Market Analysis and Insights
Nifty Performance Analysis
On the trading day, Nifty experienced notable price swings. While the first half showed a decline, a rebound later in the day aided Nifty in recovering from its intraday lows, though it still closed on a negative note, down by approximately -123 points. The daily charts indicate that Nifty maintained its support range between 21,900 and 21,860 on the previous session. Key levels to watch include the resistance zone between 22,000 and 22,200, and the crucial support range lying between 21,920 and 21,800.
Bank Nifty Performance Analysis
The Bank Nifty index encountered a volatile trading session, marked by uncertainty, as reflected by the formation of a doji candle. Anticipated resistance levels range between 47,000 and 47,850, while crucial support is expected at 46,320 to 45,190 on the downside.
