Good Morning everyone, as discussed in the weekly meet, 17000 is acting as a support and we could see the Nifty rising once it came close to 17000. However, Now it needs to sustain above 17300 for further up move, until then we might see Nifty in a consolidation mode.
You can see the amazing support offered at 17000 in the image below.
Nifty formed a candle with bullish sentiment on the daily chart.
The Dow Jones Industrial Average rose 254.87 points, or 0.74%, to 34,807.86 and the S&P 500 gained 50.63 points, or 1.13%, to 4,511.81. The Nasdaq led Wall Street's main indexes higher, rising nearly 2%, as investors bought the dip in technology stocks, including Apple Inc, Microsoft Corp, Amazon.com Inc, Meta Platforms Inc and Alphabet Inc.
Federal Reserve officials are helping shape market expectations for sharper interest-rate hikes to curb the surge in inflation, but have not managed to dispel fears the tightening cycle could blow a hole in the economy and labor market.
"The Fed needs to move aggressively to keep inflation under control," St. Louis Fed President James Bullard told Bloomberg TV on Tuesday, calling for the central bank to raise its benchmark overnight interest rate to 3% this year.
Shares in Japan led gains in Asia-Pacific during Wednesday morning trade, as investors monitored oil prices and continued to assess the outlook for U.S. Federal Reserve monetary policy.
The Nikkei 225 rose 2.59% as shares of SoftBank Group jumped 8.03%. The Topix index advanced 1.98%.
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 72 points.
FII and DII data
Foreign institutional investors (FIIs) have net bought shares worth Rs 384.48 crore, while domestic institutional investors (DIIs) have net sold shares worth Rs 602.05 crore on March 22.
Stock Specific News:
Asian Paints | Promoter Nehal Abhay Vakil has raised his stake in Asian Paints to 1.32 percent from 0.32 percent.
Adani Ports and Special Economic Zone | The company's cargo volumes accelerated to 300 million metric tonnes. The largest transport utility is on course to achieve 500 MMT by 2025.
Adani Power | The company said its board has approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.
State Bank of India | SBI buys a 7.84 percent stake in Open Network For Digital Commerce for Rs 10 crore.
HCL Technologies | The company and NEORIS has signed an agreement for Integrated IT Services.
Infosys | The IT company will acquire Oddity, Germany-based digital marketing, experience, and commerce agency. Oddity will become part of WONGDOODY, an Infosys company, and join its network of studios across Seattle, Los Angeles, New York, Providence, Houston, and London, and design hubs in five cities in India.
Tata Consultancy Services | The buyback issue of the company will close on March 23. It was opened on March 9. The company had planned to buy back up to 4 crore equity shares from eligible shareholders.
Indiabulls Housing Finance | The board has approved raising up to Rs 50,000 crore through NCDs and/or bonds on a private placement basis.
Tata Coffee | Chacko Thomas had been reappointed as the Managing Director, Chief Executive Officer for 3 years, and K Venkataramanan is re-appointed as ED, CFO for 1 year.
Kirloskar Pneumatic Company | The company has converted about 5.58 lakh square metres of Government Grant land at Eklahare, Nashik Road, Maharashtra, to Freehold Land at a cost of approximately Rs 58 crore as per the order of Nashik Collector, to meet its future growth requirements.
Brigade Enterprises | The south-based real estate company has entered into the plotted development space with a 66-acre residential project in Devanahalli, Bangalore. The project is a strategic joint development that will offer plot sizes ranging from 1,200 square feet to 2,400 square feet.
RailTel Corporation of India | The company has received a work order worth Rs 11.57 crore, from Rail Vikas Nigam for the installation of RailTel's MPLS-VPN services for 5 years.
Bhansali Engineering Polymers | The company has received consent, from the MP Pollution Control Board, for expansion of high rubber graft - HRG (rubber rich acrylonitrile butadiene styrene) from 15000 TPA to 50000 TPA for Satnoor plant at Chhindwara in Madhya Pradesh.
Tata Motors | Shares of the auto major ended 2.89 percent higher after Tata Motors announced a price hike of 2-2.5 percent in its commercial vehicle space. The price hike comes on the back of higher raw material costs.
Reliance Industries | Shares of RIL closed 2.59 percent higher. They were among the top gainers on Nifty50.
Jubilant FoodWorks | Shares of the company closed 2.67 percent higher. This is after the company said it will acquire the remaining 10 percent equity stake in Jubilant Golden Harvest from Golden Harvest.
Chalet Hotels | Shares of the hotel company ended 12.79 percent higher, gaining the most on Nifty500.
Bandhan Bank | The banking stock slumped around 5 percent intraday after Macquarie said that Assam’s MFI relief scheme outlay was being reduced to Rs 2,500 crore from Rs 7,500 crore, which will reduce the recoverability of its Assam portfolio significantly. However, with the key Indian indices staging a smart recovery, Bandhan Bank shares also settled 2.80 percent higher.
Hindustan Unilever | Shares of the FMCG major ended 2.81 percent lower and were the worst hit on Nifty50.