During the week, both the BSE Sensex and Nifty registered a 0.5 percent increase each. However, the market will be closed on March 8 in observance of Mahashivratri.
The market struggled to extend its initial gains and concluded the March 7 session with minimal movement in a rangebound manner. Although the benchmark indices surged to new all-time highs during the opening trade, with the Nifty breaching the 22,500 mark for the first time.
The BSE Sensex achieved a fresh record high of 74,245.17 during the trading session but ultimately closed 33.40 points (0.05 percent) higher at 74,119.39. Similarly, the Nifty50 index reached a new peak of 22,525.65 and finished the day with a gain of 19.50 points or 0.09 percent, closing at 22,493.50.
For the week, both the BSE Sensex and Nifty saw a rise of 0.5 percent each.
The market will be closed on March 8 due to the observance of Mahashivratri.
Tata Steel, Bajaj Auto, Tata Consumer, Tata Motors, and JSW Steel emerged as the top gainers on the Nifty index, while M&M, BPCL, Reliance Industries, Axis Bank, and ICICI Bank were among the top losers.
In the sectoral breakdown, banking, oil & gas, auto, and realty sectors concluded the day in negative territory, while metal, capital goods, media, and FMCG sectors posted gains of 1-2.5 percent each.
The BSE mid-cap index advanced by 0.3 percent, while the small-cap index saw a rise of 0.7 percent.
Stocks such as Bajaj Auto, Bodal Chemicals, Glenmark Pharma, Godfrey Phillips, Hitachi Energy, Infibeam Avenue, Jindal Steel, JSW Holdings, Oracle Financial Services, Rallis India, Tata Chemicals, Tata Investment, Tata Power, Tata Steel, TVS Motor, and Union Bank of India touched their 52-week highs on the BSE.
Market Analysis and Outlook:
Volume Spike and Build-up Analysis:
Tata Power, Chambal Fertilisers and Chemicals, and M&M witnessed notable volume spikes of over 200 percent.
Tata Chemicals, Tata Power, and Tata Consumer saw long build-up positions, while short build-up positions were observed in M&M, Apollo Tyres, and Bosch.
Market Outlook for March 11:
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty started the day flat and remained range-bound, ending marginally higher by about 19 points. Daily charts suggest that despite consolidation before an extended weekend, the Nifty maintained its gains, indicating a brief pause in the overall uptrend. Anticipating a resumption of the upward movement in the coming week, any dip towards 22,390 – 22,340 could attract buying interest, supported by key hourly moving averages in this range. Resistance is expected at 22,570 – 22,600 levels in the short term.
Bank Nifty witnessed profit booking and traded within the range of 47,442 – 48,161 from the previous session. It is approaching the support zone of 47,680 – 47,560, which could prompt a trend resumption. Dips towards this support zone should be considered as buying opportunities.
Rupak De, Senior Technical Analyst at LKP Securities:
The Nifty remained below the psychological level of 22,500, with increased positions seen from call writers at the 22,500 strikes. Support is likely to hold around 22,400, with a buy-on-dips strategy prevailing as long as the index remains above this level. A move above 22,500 could trigger buying interest, potentially pushing the index towards 22,700 in the short term.
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