Tuesday, the benchmark indices witnessed a stellar rally, with the Nifty ending 326 points higher while the Sensex was up by 1131 points
Shrikant Chouhan,
Head Equity Research,
Kotak Securities:
Mumbai, March 18, 2025: Today, the benchmark indices witnessed a stellar rally, with the Nifty ends 326 points higher while the Sensex was up by 1131 points. Among sectors, all the major sectoral indices traded in positive territory, but the Capital Market, Media, and Realty indices outperformed, rallying over 3 percent.
Technically, after a long consolidation, the market successfully surpassed the 22,600/74500-resistance zone today, and following this breakout, positive momentum intensified. Additionally, the market is currently trading comfortably above the 20-day SMA (Simple Moving Average), which also indicates a further uptrend from current levels. We believe that the short-term market outlook is bullish; but for day traders, buying on intraday corrections and selling on rallies would be the ideal strategy.
In the near future, 22,700/75000 and 22,600/74500 will act as key support zones, while 22,950/75600 and 23,000/75800 could serve as profit-booking areas for day traders.
According to Satish Chandra Aluri, Lemonn Markets Desk, benchmark indices extended gains for second consecutive day on Tuesday, in a broad-based recovery on positive global cues ahead of key central bank meetings across the globe. Broader Mid and Small caps also posted sharp gains for the day. All sectors also posted gains for the day with Realty and Media segments leading the rebound.
Positive global cues with global markets extending gains for second day on rising hopes for ceasefire deal between Russia-Ukraine along with China stimulus measures helped markets to rally sharply.
Bargain hunting at lower levels coupled with domestic optimism over strengthening case for more policy easing from RBI helped the sentiment. With most of the domestic worries largely in the price now, global factors ranging from trade war, Russia-Ukraine peace deal coupled with US Fed rate outlook are key variables to watch in the near term.
US Fed is widely expected to remain on hold, but focus will be on US Fed projections on future rate cuts, growth and inflation expectations along with Fed chair Powell’s press conference.
Technically, Nifty 50 closed above 22800 level in a sign of strong reversal and if bullish momentum continues market may face resistance around 23000 levels. On downside, 22650-22700 acts as strong support zone. Bank Nifty also posted strong gains today closing above 49300 levels with strong support placed around 48700 levels.
