After The Bell | Nifty holds on to 14,900, what should investors do on Wednesday?

Market Outlook

Three straight days of fall pushed Nifty50 below its crucial support placed at 15,000. The index has fallen by about 2 percent from the March 10 closing of 15,174.

Let’s look at the final tally on D-Street – the S&P BSE Sensex fell 31 points to 50,363, while the Nifty50 closed 19 points lower at 14,910.

Indian market started the day with handsome gains but pressure at higher levels, especially above 15,000 for the Nifty50, led to some selling towards the close of the trade.

Some of the factors that weighed on the market were – rise in crude oil prices, increase in COVID cases, sell-off seen from foreign investors, and volatile US bond yields ahead of the outcome of the US Fed policy meeting.

“Indian market was under pressure due to rising crude prices and selling by both FIIs and DIIs. We can expect FII selling to come down post the Fed policy meet outcome and US bond yields to ease as an accommodative outlook is expected,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“The domestic sentiment is suppressed due to the rising COVID-19 cases, and weak macro data like IIP and inflation,” he said.

Here is what experts are suggesting investors should do on March 17:

Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services Limited

Nifty formed a bearish candle on a daily scale and continued its weakness for the third consecutive session.

Now, it (Nifty) has to decisively cross and hold above 15,000 to witness an up move towards 15,150 and 15,250, while on the downside, major support exists at 14,750, and then at 14,600 levels.

Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited.

The market failed to show resilience to stay above 15,000 on the Nifty. While it is subject to further price action evolution, the technical factors signal a lackluster market movement, going forward.

Any corrective wave should find support around 14,750. Traders are advised to refrain from building fresh buying position until Nifty corrects to 14,750 levels.

The volatility observed in Tuesday’s session indicates profit booking and distribution of stocks at a higher market level.

Rohit Singre, Senior Technical Analyst at LKP Securities.

The index opened the day with gains but was not able to hold the gains and closed the day at 14,910 with mild losses, and formed a bearish candle on the daily chart.

On the higher side, 15,000-15,050 zone is a strong hurdle. We have been witnessing selling pressures from these levels.

Going forward, for fresh upside, the index needs to sustain above 15,050 zone. The immediate support is near 14,800-14,750, and any break below said levels can increase selling pressure.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The short-term trend for Nifty is choppy as the market is struggling to sustain the intraday gains. One may expect similar sideways movement with lower levels of recovery for the next session.

The overall chart pattern of intraday-60 min/daily timeframe signals chances of an upside bounce from here or from the lows in the short term. Immediate resistance is placed at 15,050.

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