After shifting into a narrow range movement over the last 5-6 sessions, the Nifty witnessed an excellent upside breakout and closed the day higher by 326 points at 22,834.
All sectoral indices posted gains with the frontline indices rising 1.5-2%. Broader markets saw big gains, with the midcap index rising 2% and the smallcap index gaining 3%.As many as 46 Nifty stocks closed higher with autos and financials being top gainers. ICICI Bank and HDFC Bank were biggest contributors to both Nifty and Nifty Bank.
Shares of Bajaj Finserv were under pressure as Allianz exited the JV after 24 years. The deal marked the end of a nearly 25-year partnership between the two companies. With this transaction, Bajaj’s ownership in both insurers will rise to 100% from 74%. The company will spend ₹13,780 crore on the general insurance business and ₹10,400 crore on the life insurance arm.
Meanwhile, the market capitalisation of all listed companies on the BSE increased by ₹6.85 lakh crore to ₹400.0
Both foreign investors and domestic institutional investors turned net buyers in the cash market on Tuesday.
What do the Nifty 50 charts indicate?
According to Nagaraj Shetti of HDFC Securities, the short-term trend of the Nifty remains positive. “Having moved sharply above the hurdle, one may expect Nifty to advance towards the next resistance of 23,100-23,200 levels in the next few sessions. Immediate support is placed at 22,700 levels.”
Looking ahead, the alignment between the benchmark index and banking majors supports further recovery, with Nifty eyeing the 23,100 level, said Ajit Mishra of Religare Broking. However, the analyst said that global factors such as the US Federal Reserve meeting and geopolitical uncertainties may introduce intermittent volatility.In the short term, Rupak De of LKP Securities expects the index to move towards 23,150. He said that support is placed at 22,700 on the lower end.
Om Mehra of SAMCO Securities said the Nifty has reclaimed its position above the 20 DMA after a long time and closed positive for a consecutive session. The support is placed at 22,700, while the resistance stands at 23,000, followed by 23,100.
What do the Nifty Bank charts indicate?
The Nifty Bank index closed the session at 49,314.50, posting a gain of 1.99%. The index formed a strong bullish candle on the daily chart following a breakout from the declining trendline and is now holding above the 50 DMA.
The index is sustaining above the previous resistance of 49,000, which could push the index toward the psychological 50,000 mark.
“The index showed strength, holding above the hourly supertrend. The daily RSI hovers above 55, indicating balanced momentum with a slight bullish bias. The immediate support is placed at 48,950, while resistance stands at 49,800, followed by 50,100,” Mehra said.
Here are the stocks to watch ahead of Wednesday’s trading session:
– Bajaj Auto re-appoints Rajiv Bajaj as MD & CEO for 5 years effective April 1, 2025. The company will infuse up to ₹1,500 crore into Bajaj Auto Credit.
– GR Infraprojects gets letter of acceptance for a National Highways Authority of India (NHAI) project worth ₹4,262.78 crore.
– Zydus Lifesciences gets US FDA’s final approval to manufacture Apalutamide Tablets, 60 mg. Apalutamide is used in treatment of patients with metastatic castration-sensitive prostate cancer. Apalutamide tablets had annual sales of $1,099.8 m in the United States (IQVIA MAT January 2025).
– ESAF Small Finance Bank to consider fund raising via issuance of NCDs (Tier II Bonds) on preferential basis on March 21.
– Westlife Foodworld elevates Akshay Jatia as CEO of the company w.e.f. March 18, 2025.
– Alvotech and Dr Reddy’s announce FDA acceptance of biologic license application for AVT03. AVT03 is a proposed biosimilar to Prolia and Xgeva.
