Trend turns positive for near term, will it sustain or not?

WEEKLY EQUITY BULLETIN FROM 21 MARCH TO 25 MARCH 2022

The market had another strong week that ended March 17 as benchmark indices jumped four percent amid falling oil prices and hopes of the Ukraine-Russia war ending through ongoing peace talks. No negative surprise from the US Federal Reserve which announced an expected 25 basis point rate hike and foreign institutional investors (FIIs) turning net buyers also lifted sentiment.

The BSE Sensex rallied 2,314 points to 57,864 and the Nifty50 jumped 657 points to 17,287 during the week, taking total recovery of gains to 10 percent from recent lows. The rally was driven by all sectors barring metal which fell half a percent. But the broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices gained two percent each.

Nifty Futures

On the weekly basis, the Nifty future has resistance around 17500, if it breaks and closes above 17500 will see an upside rally till 17800 and further to 18350 levels in upcoming trading sessions.

Major support around 16900, if it breaks and closes below 16900 will see sharp downside panic till 16450 and then to 16200 levels in upcoming trading sessions.

Monday Nifty Futures Levels

Nifty has resistance around 17500 if it breaks and sustains above 17500 will see an upside rally till 17630 — 17700 levels in an intraday session.

Else Nifty has support around 17200, break below 17200 will see intraday downside fall till 17050 — 16900 levels in an intraday session.

Monday Trading strategy

Traders can buy Nifty Future around 17350 with a stop loss below 17280 levels for an upside movement till 17390 — 17470 levels in an intraday session.

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Bank Nifty Futures

On the weekly basis, the Bank Nifty future has resistance around 37400, if it breaks and closes above 37400 will see an upside rally till 38300 and further to 39000 levels in upcoming trading sessions.

Major Support around 35400, if it breaks and close below 35400 will see downside fall till 34150 and further to 33200 levels in upcoming trading sessions.

Monday Bank Nifty Futures Levels

Bank Nifty has resistance around 36760, breaks and sustains above 36760 will see an upside movement till 37350–37700 levels in an intraday session.

Otherwise, Support around 36000, breaks below 36000 will see an intraday downside fall till 35850—35400 levels in an intraday session.

Monday Trading Strategy

Traders can buy Banknifty Future above 36500 with a stop loss below 36380 for an upside movement till 36600—36750 levels in an intraday trading session.

Weekly Stock Pick

Indian Hotels Company Ltd

Buy INDHOTEL above 213 levels with a stop loss below 207 levels, for an upside movement till 225 +++ levels in the coming days.

Triveni Turbine Ltd.

Buy TRITURBINE above 190 levels with a stop loss below 177 levels, for an upside movement till 205 +++ levels in the coming days. *T&C Apply...