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Indian markets could open flat, following mostly lower Asian markets and negative Dow Jones Index on Tuesday  - HDFC Securities 

U.S. stock indexes slipped Tuesday, after posting records on Monday, with investors waiting for the result of the two-day Federal Reserve policy meeting on Wednesday.The Fed’s two-day meeting began Tuesday and when it concludes Wednesday, investors expect no changes in policy but will be eager to see updated projections on the economic outlook and the path for interest rates, while Chairman Jerome Powell’s news conference promises to be the key economic event of the week.

U.S. retail sales fell 3% in February (vs forecast fall of 0.1%), with business expected to pick up in March and April as Americans spend $1,400 stimulus checks. February industrial production fell 2.2%, which was likely affected by harsh weather across much of the U.S., including Texas.

Asian stocks were mostly down on Wednesday following a sell-off in U.S. stocks, as investors awaited the Federal Reserve's meeting and whether the central bank will maintain near-zero interest rates amid the economy's post-pandemic recovery.

Indian benchmark equity indices ended marginally in the negative for the third consecutive session on March 16 after selling in the second half erased the early gains. At close, the Nifty was down 19 points or 0.13% at 14,910.50.

Nifty failed to sustain at higher levels attracting profit booking on March 16. However the falls are also limited as bottom fishers keep emerging on the horizon. 14723-15048 is the range for the Nifty; a breach of this band could lead to accelerated move in that direction.

India adds 9.7 GW of power generation capacity this fiscal till Feb 28: India added 9.7 gigawatt (GW) of power generation capacity during this financial year till February 28, 2021, Parliament was informed on Tuesday. India added 9.7 GW of power generation capacity from April 2020 to February 2021 which includes 3.8 GW of conventional energy and 5.9 GW from renewable sources, Power and New & Renewable Energy Minister R K Singh said in a written reply to Rajya Sabha. In 2019-20, India had added 15.8 GW of power generation capacity including 7.1 GW of conventional sources and 8.8 GW of renewable sources.

India's exports during March 1-14 up 17% at USD 14 billion Showing healthy signs of revival, India's exports grew 17.27 per cent to USD 14.22 billion during March 1-14 as compared to the year-ago period, according to the commerce ministry's preliminary data. Imports during the period increased 27.77 per cent to USD 22.24 billion, leaving a trade deficit of USD 8.02 billion, the data showed.

Daily Technical View on Nifty

Nifty Continues to remain in Choppy Trend

Nifty has been trading in choppy trend for last six consecutive weeks, where rallies are sold in to and dips are getting bought in to. Sell on rallies and buy on dips kind of strategy has been playing out in the current market scenario as far as benchmark indices like Nifty and Bank Nifty are concerned.

However primary trend of the Markets is bullish, as short term moving averages are trading above medium to long term moving averages and Nifty has been holding higher tops and higher bottoms.

On 15th March 2021, Nifty found support on 50 DMA bounced back sharply from the low. The upward sloping trend line, adjoining the week ended lows of 27th March, 6th Nov 2020 and 5th Feb 2021, projects the strong support around 14700 odd levels, which coincides with the 50 DMA support.

BankNifty and Financial Nifty Indices closed on weak wicket in yesterday’s session and looks beairsh on short term chart

Falling ADX on Nifty daily chart clearly indicates the lake of momentum in the market

It is advisable to adopt conservative approach in short term trading.

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