15 Mar , 2024 By : Debdeep Gupta
F&O Manual-Nifty slips below the 22,000 mark, crucial support at 21,900, The market breadth is negative, with indices showing a downward bias. The Nifty is expected to trade in a wide range, with 21,950-21,900 as crucial support, say analysts
The Indian equity benchmarks were trading lower on March 15 morning on mixed global cues, a drop in IT names, and continued selling in mid and small-caps as mutual funds began sharing stress test results.
At 11.23 am, the Sensex was down 577 points points or 0.8 percent at 72,520, and the Nifty was down 203 points or 0.92 lower at 21,944.
The Nifty is expected to trade in a broad range where 21,950-21,900, where the crucial support is.
While the indices are on a slippery wicket, 21,850-21,900 will act as crucial support for the index in a rising trend-line support zone. Any sustainable move below 21,850, will lead to further selling pressure on the Nifty, which can drop to 21,680-21,600, Sudeep Shah, head of derivative and technical research at SBI Securities said.
On the upside, 22,200-22,230 will act as an immediate hurdle. "Any sustainable move above the level of 22,230 will lead to an extension of pullback rally up to the level of 22,450-22,530 level in the short term," he said.
"The market breadth is negative and indices are also trading with a negative bias. The Nifty is expected to trade within a broad range, where 21,950-21,900 will be an important support to watch," Ruchit Jain, lead research at 5 Paisa said.
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