Quote on Today`s Market Performance 17 March 2021 by Mr. Deepak Jasani, HDFC Securities
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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 fell for the fourth straight day (longest streak in a month) ahead of the U.S. Federal Reserve policy statement later tonight. Nifty after making an intra day high at 1130 Hrs, started to fall and ended near its intra day low. At close, the Nifty 50 index fell 1.3% or 189 points to end at 14,721. Indian markets were the worst performers in the Asian region.
Volumes on the NSE were below recent averages for the third consecutive session suggesting cautious trade by institutions. Among sectors PSU Bank, Realty, Media, Metals, Pharma fell the most. Smallcap and midcap indices fell much more than the Nifty.
Caution descended on markets on Wednesday with world stocks holding below recent record highs as investors waited to see whether the U.S. Federal Reserve tonight would signal a faster path toward policy normalisation than previously expected.
Nifty has got into a minor correction and 14336-14529 band seems to be the next support level. Deeply negative advance decline ratio is indicative of minor panic among investors to reduce their exposure to these segments. A dovish than expected Fed statement tonight could result in a gap up opening, but whether Nifty is able to hold such a gain will be crucial to watch.
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