We again witnessed a sharp decline in the market on Thursday mainly due to the sudden jump in the long-term bond yields in the US. We think, soon it will be normal for the market and then the market can react normally. The steady growth in the economy leads to a steady rise in the bond yields and, therefore, the market should start offering discounts in the medium to long term.
Technically, the market recovered from lower levels, but due to the pressure of the weekly expiration of Index contracts, the Nifty/Sensex came back from the highs of 15,200/51,260. On Friday, 15,050/50,750 and 14,950/50,400 levels will be decisive for the market. The Nifty/Sensex could fall to 14,850/50,100 or 14,750/49,800 on a decisive dismissal of 14,950/50,400. On the upside, the 15,250/51,300 level would be a big hurdle for the index.
Analyst: Shrikant Chouhan, Executive Vice President – Technical Research
CMP: Rs 919
Target: Rs 950
Stop loss: Rs 900
Rounding bottom formation near important support zones with incremental volume activity on daily chart.
Ambuja Cements: BUY
CMP: Rs 292
Target: Rs 305
Stop loss: Rs 285
The stock is trading in a rising channel and with a higher top higher bottom formation, the up move is likely to sustain in the near term.
CMP: Rs 107.95
Target: Rs 114
Stop loss: Rs 105
A fresh breakout is evident from an inverse head and shoulder chart formation with a rising volume on the daily chart.
CMP: Rs 1,350.4
Target: Rs 1,390
Stop loss: Rs 1,330
Higher high and higher low chart formation indicates bullish momentum in stock to remain in the near term.
Analyst: Sahaj Agrawal, Head of Research – Derivatives
Futures: BUY SBI Life Future-March at 915
Stop loss: 886
Descending Triangle breakout seen above 910 on spot.
Options: Nifty Bull Call Spread: 25 Mar-21 SERIES
Buy 15100 CE @ 350 and Sell 15500 CE @ 165
Premium outflow (Cost): 185
Stop loss: 80
Nifty continues to trade in an uptrend, after it made a putative swing low of 14,467. A fresh momentum has built up above 15,000 and with market breadth remaining strong, we expect Nifty to retest 15,500 levels.
Forex & Interest Rate Technical
Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives
USD-INR: Buy 73.00 Put and Sell 74.00 Call option; March 26th expiry @ 22 paise.
Stop loss: Exit strategy if USD-INR March fut trade above 73.55
Ravindra Rao, VP- Head Commodity Research
|Gold (Apr)||MCX||Sell at 45200/45250; TP: 44500/44300; SL: 45650|
|Crude Oil (Mar)||MCX||Sell at 4530/4550; TP: 4380/4350; SL: 4630|
|Lead (Mar)||MCX||Sell at 164.50/165; TP: 160/159; SL: 166.50|
|Ref Soy oil (Mar)||NCDEX||Sell at 1160/1162; TP: 1140/1135; SL: 1175|