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Below are Technical Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities

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. Nifty opened gap up and made an intra day high at 1040 am. Post that it sold off gradually through the day. At close, the Nifty was down 19 points or 0.13% at 14,910.50.

Volumes on the NSE remained below recent average. Among sectors, IT and FMCG gained the most while Banks, Metals, Realty lost the most. Midcap and Smallcap indices ended marginally in the positive. The India Volatility Index fell to its lowest in over two months, ending 4.2% lower at 20.19.

Asian shares were largely positive as US diplomats’ first visit to the region brings optimism towards closer ties in the future. US markets’ gain overnight and the anticipation ahead of US Fed meet on March 16-17 also led to advances in the region. European markets opened higher on Tuesday despite ongoing concerns about the rollout of COVID-19 vaccines on the continent and rapidly spreading cases.  

Nifty failed to sustain at higher levels attracting profit booking. 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.  

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