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Below Quote On Weekly Market Analysis 11 March 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets resumed the corrective tone after a pause for a week and shed over a percent. The bias was positive in the initial sessions however weak global cues viz. lingering fear of sharp rate hikes by theUS Fed and fresh turmoil in the US banking space turned the tone completely in the final sessions. Consequently, both the benchmark indices, Nifty and Sensex, ended closer to the week’s low at17,412.90 and 59,135.10 levels. Most of the sectoral indices ended lower wherein banking, financials and IT majors faced tremendous pressure. Meanwhile, the resilience in the broader indices helped the traders to some extent. Amid the prevailing scenario, participants will be eyeing crucial macroeconomics for cues next week.On the domestic front, CPI and WPI Inflation will be unveiled on March 13 and 14 respectively. Besides, the US Inflation data, scheduled on March 14, will also be in focus. Nifty failed to cross the crucial hurdle at 17,800 last week and again reached closer to the previous swing low i.e. 17,255 levels. And, with a fresh breakdown in the US markets, we expect the negative tone to continue. Technically, Nifty has been trading in a declining channel and the lower band of the channel exists around 17,000, which could act as a support. In case of any rebound, participants
can look for shorting opportunities around the 17,600 zone. While most of the sectors are trading in line with the benchmark, the performance of banking and financials would continue to play a key role in deciding the next directional move. Meanwhile, stay focused on stock selection and risk management.

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