stock market today live | Sensex, Nifty, BSE, NSE, Share Price, Share Market News Update Wednesday 15 March

All the sectoral indices were trading in the green. Bank Nifty rose 0.73%, PSU Bank 0.51%, Nifty IT 0.33%, Nifty Pharma 0.59%, Nifty FMCG 0.16% and Nifty Auto 0.49%.

Shares of PNC Infratech rose 2.30% to Rs 291.30 after the company emerged as the lowest bidder for construction of 35.2 km-long 6-lane greenfield Varanasi-Ranchi-Kolkata highway at a cost of Rs 1260 crore .

Cipla shares rose over 1% to Rs 881.40 after the company informed the stock exchanges that 51.18% stake in Cipla’s subsidiary Cipla Quality Chemical Industries will be sold to UK and Meditab Holdings. After the sale, the firm will cease to be a subsidiary of Cipla.

“Bank Nifty has support in the range of 38800-39000, while resistance lies in the range of 39900-40100,” said Deven Mehta, Equity Research Analyst, Choice Broking.

“Bank Nifty continued to face selling pressure from higher levels and tested 39500-39400 support area. The index has formed a Doji candle on the daily chart which indicates indecision among the participants. The index, if it manages to sustain 39,400 levels, may witness some pullback rally towards 40000,” said Kunal Shah, senior technical analyst at LKP Securities.

“Bank Nifty closed below 39600 levels but held above the previous lower support of 39400 levels, which will help the index pull back recent losses in the near term. However, if 39100 is rejected, it may slide towards 38500 levels.

“Bank Nifty has first support at 39352 and then 39016 with resistance at 39987 and 40286,” said Rahul Sharma of JM Financial.

“The market has entered below the oversold zone, and any respite on the global front could accelerate the momentum on the higher side. As far as levels are concerned, 17200 is likely to be seen as an immediate resistance, followed by a strong hurdle of 200 SMA, placed around 17400-17450 inverse zone in comparable periods. On the downside, strong demand is expected near 17000-16900 odd levels said Osho Krishna, Senior Analyst – Technical & Derivatives Research, Angel One Ltd.

“There is a negative crossover in the Momentum indicator which is a sell signal and the price trading with rising lower Bollinger Band suggests that the downtrend is likely to continue. Preferred strategy to trade Nifty is Sell on the rise around 17150-17200 zone On the downside, we expect Nifty to target 16950 levels where the lower end of the downward-sloping channel is placed. On the upside, 17380 – 17400 where the 40-hour moving average is placed, from a short-term perspective Should act as an immediate barrier zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

“Volume profile indicates that Nifty has strong support around 16700-16800 zone. Coming to OI data, on call side, highest OI was seen at 17200 followed by 17400 strike price while on put side, highest OI is at 17000 strike price,” said Deven Mehta, Equity Research Analyst at Choice Broking.

“Nifty may take support between 17000 and 16800 levels. On the upside, 17150 and 17250 should act as resistance areas in the near term. The ideal strategy should be to create positional long trades between 17000 to 16800 levels,” said Shrikant Chauhan, head of equity research (retail), Kotak Securities Ltd.

“Since last four days, Nifty is pricing in US banking crisis and imminent rate hike of 25-50 basis points. Going forward, 16950 will act as an important support for the index. Only a break below 16950 can trigger further correction. On the higher end, resistance is visible at 17150-17200,” said Rupak Dey, senior technical analyst at LKP Securities.

Rahul Sharma of JM Financial said, “Nifty has first support at 17048 and then 16956 and resistance at 17255 and 17370.”

“The halting of the fall in the closing hours after the objective of 17000 was fully achieved gives hope towards the recovery push that we had prepared for tomorrow. Yet, signs of a one-sided rise are yet to be seen. We will try to make a direct move above 17240 to improve the conviction. Alternatively, inability to float above 17185 after initial positive momentum would indicate continuation of downside movement towards 16930-16800 zone,” said Anand James – Chief Market Strategist at Geojit Financial Services.

Bank Nifty crossed 39900 level on Wednesday. The banking index was trading up 407.30 points, or 1.03%, at 39,818.70. IDFC First Bank, IndusInd Bank, Bandhan Bank, Kotak Bank and ICICI Bank were among the top gainers on the index, while there were no losers.

The NSE Nifty 50 advanced 151.20 points, or 0.89%, to 17,194.50 and the BSE Sensex gained 495.06 points, or 0.86%, to 58,395.25.

The NSE Nifty 50 jumped 123.15 points, or 0.72%, to 17,166.45 in the pre-open. The BSE Sensex rose 368.35 points, or 0.64%, to 58,268.54.

“The US inflation print for February which came in at 6% year-on-year is a sign of deflation, but the decline is at a much slower pace than the Fed expects. So it would be realistic to expect a rate hike of 25 bps at the March 22 Fed meeting. This will prevent equity markets from rallying. The US bank crisis will remain on the back burner for now as news of the crisis fades away.

, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“Indian indices are expected to start the trading session on a strong note, with SGX indicating 80 points in the green. US and European markets recovered from lower levels as concerns over interest rate hikes and two US-based bank failures stabilized. The benchmark indices are likely to move higher in the next few days, however sell on the rise is suggested unless 17500 is taken out. 17000-16950 will be an important support zone. Besides, the market will react to early US unemployment claims and trade balance data on Thursday. We expect Metal and Banking stocks to be in command in today’s session.

Om Mehra, Equity Research Analyst, Choice Broking.

Asian markets were trading in the green with China’s Shanghai Composite index up 0.62%, Hong Kong’s Hang Seng up 2.49%, Japan’s Nikkei 225 up 0.25% and South Korea’s KOSPI up 1.82%.

Nifty futures on the Singapore Exchange (SGX) were trading 98 points or 0.58% higher at 17,210.00 in morning trade.