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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 the most in a month on March 24. Nifty opened gap down and fell in the morning session. A second bout of selling happened post 1340 Hrs and the Nifty closed almost at its intra day low. At close the Nifty 50 index fell 1.8% to end at 14,549. The index has fallen to its lowest in nearly two months.

The main reason for the fall today included rising cases of Covid-19 in India and across the globe, which could delay the economic recovery. This is also evident from the fall in crude prices over the last few days. The overall number of global Covid-19 cases has surpassed 124 million, while the deaths have surged to more than 2.73 million, according to the Johns Hopkins University. The head of the World Health Organization said recent increases in deaths and cases represent "truly worrying trends." There is some Covid fear in the air again. The market seems doubtful that the vaccination race against the third pandemic wave can be won quickly.

Reports of levy of potential tax taxes by the US President to fund the infra spend also dampened sentiments. In India, the Supreme court judgement on NPAs also opens up the possibility of Banks having to make higher provisions in the March and June quarter. If the economic recovery is delayed, India’s fiscal situation and credit situation could deteriorate.

Volumes on the NSE were below recent averages. Among sectors, PSU Bank, Metals, Realty, Auto, Bank, Media were loss leaders while Pharma index closed marginally in the positive. Broader markets also fell largely in-line with the benchmark indices.

Asian stock markets were lower Wednesday after European governments extended anti-coronavirus lockdowns, clouding the outlook for economic recovery. European stocks were weak at the open on Wednesday, amid continued concerns about a third wave of COVID-19 sweeping the continent and reports on a looming EU block on vaccine exports.

Nifty is close to 14468 which is the make or break level for the near term. Fall with lower volumes suggest that bottom fishers are staying away while sellers are hopeful of a bounce in the near term. On rises, 14638 could provide resistance.

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