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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 lower in the fifth straight session on March 18. The Nifty started to fall sharply post 1245Hrs. At close, the Nifty was down 163.40 points or 1.11% at 14,557.90. Highest spike to new Covid-19 cases in the past 102 days, rise in U.S. bond yields and weekly options related volatility kept sentiment risk-off.

Volumes on the NSE continued to be below recent average. Among sectors IT, Pharma, PSU Bank, Realty fell the most while FMCG, Metals ended marginally in the positive. BSE Midcap and Smallcap indices shed over 1 percent each.

Equities rallied in Asia on Thursday after the Federal Reserve ramped up its outlook for the US economy but reiterated its pledge to maintain its ultra-loose market-friendly monetary policies for as long as needed.

European stocks moved slightly higher on Thursday as markets around the world react to the Federal Reserve’s latest outlook on the U.S. economy. The Bank of England will hand down its latest policy decision later in the session, but the market isn’t expecting any significant changes. Benchmark 10-year U.S. Treasury yields edged up to 1.6639%, not far from the highest since January last year.

Nifty has closed at the lowest since Feb 26, though in terms of intra-day low it has gone below even that. Indian markets continue to perform the worst in the region as resurgence of Covid-19 has led to fears of the momentum in the economy slowing down. A close below 14529 would mean that the Nifty is in the midst of an intermediate correction. 14281-14478 could be the support band for the Nifty while 14639-14696 could provide resistance. 

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