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Indian markets could open lower, following negative Asian markets today and negative US markets on Tuesday - HDFC Securities 

U.S. stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's $1.9 trillion relief bill weighed on investors who also fear further downside in the market. Remarks by Treasury Secretary Janet Yellen that the U.S. economy remains in crisis from the pandemic as she defended developing plans for future tax increases to pay for the new public investments put investors on alert. U.S. stocks ended lower as concerns rose around rising COVID-19 cases in Europe that have prompted extended business lockdowns.

In prepared remarks released on Monday, Powell said that the U.S. economy has recovered more quickly than generally expected “and looks to be strengthening,” but cautioned that the comeback is far from complete.

Shares in Asia-Pacific were lower in Wednesday trade as concerns over the world’s recovery from the pandemic weighed on investor sentiment. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) rose to a seasonally adjusted 52.0 in March from a final 51.4 in February

Indian benchmark equity indices ended higher in another volatile session on March 23 after making an intra day low at 1130 Hrs. At close, the Nifty 50 index ended 0.53% or 78 points higher at 14,815.

Nifty seems to have halted the upmove seen over last three sessions, though temporarily. After a brief correction, it could resume its gradual grind upwards. 14598-14707 could provide support while 14879-14919 could offer resistance over the next 1-2 sessions.

Daily Technical View on Nifty

Nifty Trading in Choppy Trend

It was the third consecutive day, where Nifty closed higher than the open. BankNifty closed at four days high. Nifty has been consolidating for last 6 Weeks in the Weekly closing range of 14550-15200. On 19th March, Nifty found support in Gap zone of 14336- 14469 and registered sharp recovery. On 19th March, Nifty formed Bullish Piercing Line Candlestick pattern on daily chart, indicating short term bullish reversal. This week has started with the narrow move, where Nifty has formed small inside bar on the daily chart

Last Week, Nifty found support on upward sloping trend-line on the weekly charts, which indicates that primary uptrend is still up. Indicators and oscillators like RSI, MACD and DMI have not been showing any sign of strength in the Index. They have been gradually weakening on the daily charts However, unless price breaks the crucial support, downward trend confirmation would not come. So, it would be advisable to turn bearish only if Nifty breaks 14500 levels

Support for the day in Nifty is seen at 14700 and with that stoploss Traders should remain bullish. Resistance for the day in Nifty is seen in the range of 14900-14950 range.

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