Hello reader, hope you’re doing well. With today being the second expiry session of the March series, a slight bit of extra volatility is to be expected for the day. On Wednesday, the S&P 500 closed a session with a slight increase and Treasury yields also went up. This followed the release of several economic data which seemed to reinforce Federal Reserve Chairman Jerome Powell’s earlier statement during his second day of congressional testimony. Powell stated that the central bank will continue to raise policy rates until inflation decreases.
Important points to note:
- Slight resistance and shorting is expected at current levels of nifty around 17700-800.
- More momentum on upside in Banknifty once 42000 levels are crossed and sustained comfortably.
- PSE stocks have been the strongest till now and moves have played out as expected in this sector.
- USD/INR giving a turnaround from 83 levels is one key factor to keep in mind for future rallies in our markets too.
- Outperformers in PSE sector being NTPC, Powergrid, BHEL, PFC and GAIL.
As always, risk management is key, and a proper system in place prevents one from losing out too much, in case of outlier events. Have a good trading day, and may the force be with you!
Disclaimer: this post is for educational purposes only, we are not SEBI registered analysts. Trades mentioned here are not trade recommendations. Equity Investments are subject to 100% market risk, please consult your financial advisor before investing.