Good Morning All,
Asia Markets Poised To Fall After Wall Street Rally Pauses; China Exits Deflation Territory As Prices Rise;ASX 200 (-1.25%), Nikkei 225 (-2.09%), KOSPI (-0.48%)
GIFT Nifty
Trends in the GIFT Nifty indicate a negative start for the broader index in India, with a loss of 53 points or 0.23 percent. The Nifty futures were trading around the 22,651 level.
Key support and resistance levels on -
Nifty
The pivot point calculator indicates that the Nifty may face resistance at 22,502 followed by 22,542 and 22,579 levels. On the lower side, the index is likely to take immediate support at 22,447, followed by 22,424 and 22,387.
Bank Nifty
On March 7, the Bank Nifty retreated a bit after hitting nearly two-month high in the previous trading session, and corrected 130 points to 47,834, forming a bearish candlestick pattern on the daily charts, which was on expected lines given the rally in the past days. Overall, the higher highs, higher lows formation is still intact, hence after current consolidation, the upward move towards record is likely..
It is expected that Bank Nifty will continue the up move as the daily momentum indicator has provided a fresh crossover which is a bullish sign
Once sustained above 48,000 there are strong chances that the index is poised to surpass its all-time high of 48,600 mark in the near term. The current support for the index is established in the range of 47,400-47,000.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 7,304.11 crore, while domestic institutional investors (DIIs) purchased Rs 2,601.81 crore worth of stocks on March 7, provisional data from the NSE showed.
Stock under F&O ban on NSE
The NSE has added Tata Chemicals and SAIL to the F&O ban list for March 11, while retaining Manappuram Finance, Mahanagar Gas, and Zee Entertainment Enterprises on the said list.
