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Morning Market Outlook

• The market is expected to open on a positive note due to a rally in global markets, driven by improved sentiment following the release of weaker-than-expected U.S. Personal Consumption data. This has raised hopes that the U.S. Federal Reserve may reduce interest rates.

• The U.S. 10-year bond yield fell by 8 basis points to close at 4.20% on Friday. U.S. markets rose by 1.5%, Asian markets opened over 1% higher today, and the GIFT Nifty is up by 0.4%

• In the domestic market, February’s GST collections rose by over 9% YoY, surpassing Rs 1.8 lakh crore. India’s Q3 GDP growth came in at 6.2%, in line with expectations, while the government raised its FY25 GDP growth forecast to 6.5% from 6.4%. Additionally, the mixed February auto sales data is expected to positively impact market sentiment.

• Auto, IT, metal, banking, mid-cap, and small-cap stocks have fallen between 25-35%, offering attractive entry points. However, concerns over continued FII selling, the imposition of tariffs by the U.S. on Canada, Mexico, and China starting tomorrow, and ongoing geopolitical tensions with Russia and Ukraine may dampen sentiment globally. Traders are also expected to focus on air conditioning stocks due to the rising heat, while discretionary spending stocks may benefit from the upcoming wedding season

NIFTY (CMP : 22124) 

Nifty immediate support is at 22000 then 21800 zones while resistance at 22500 then 22600 zones. Now till it holds below 22200 zones, weakness could be seen towards 22000 then 21800 zones whereas hurdles are placed at 22500 then 22600 zones.

BANK NIFTY (CMP : 48344) 

Bank Nifty support is at 48000 then 47750 zones while resistance at 48550 then 48750 zones. Now till it holds below 48550 zones some weakness could be seen towards 48000 then 47750 zones while on the upside hurdle is seen at 48550 then 48750 levels.

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