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Below are Technical Quote On Indian benchmark equity indices on March 03 by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities

Indian benchmark equity indices on March 03 recovered all of Friday's biggest single-day drop in nine months with gains over the last three trading sessions. The Nifty opened higher and kept rising through the day with the speed of rise accelerating post 1415 Hrs. At close the Nifty 50 gained 2.2% or 326.5 points to end at 15,245. 43.

Volumes on the NSE were higher than recent average with a very positive advance decline ratio. Among sectors, Metals, Bank, IT, Realty, Pharma gained the most while Auto index fell. Broader markets too ended higher but the gains were modest as compared to the benchmarks.

Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street as investors focused on optimism that more imminent U.S. stimulus will energise the global economic recovery. European stocks extended the week’s gains on Wednesday morning, with cyclical sectors leading the advance as the focus turned away from rising bond yields and toward an economic reopening.

Activity in India’s dominant services sector expanded at its quickest pace in a year in February, helped by an increase in new orders and optimism generated by a roll-out of vaccines to fight the pandemic. The IHS Markit Services Purchasing Managers’ Index (PMI) rose to 55.3 last month from 52.8 in January. The IHS Markit India Composite Index to a four-month high of 57.3 in February.

In a bullish signal, the Nifty has on March 03 filled the downgap made on Feb 26, though it took longer for the gap to be filled. Now the all time high of the Nifty is in sight being barely 186 points away. With momentum on its side, there may not be too many impediments in Nifty achieving this over the next few days. 

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