Estimated reading time: 2 minutes
Key Facts:
- Indian markets are expected to open positively today despite the turmoil in the US banking space with the failure of Silicon Valley Bank and the closure of Signature Bank, which weighed down the market.
- Trends in the SGX Nifty indicate a gain of 26 points for the broader index in India.
- The BSE Sensex tanked 897 points or 1.52% to 58,238, while the Nifty50 plunged 259 points or 1.5% to 17,154, the lowest closing level since October 13.
- The market has been in a bear grip, and selling was seen across sectors with major correction in banking and financial services, auto, and realty stocks.
- The Nifty has support at 17,107, followed by 17,008 and 16,849, while key resistance levels to watch out for are 17,425, followed by 17,523 and 17,682.
- The bloodbath on Wall Street has caused volatility in Asian indices, but stronger macros have given support to Indian markets.
- Bears have dragged benchmark indices significantly lower for the third day in a row on March 13.
- The Nifty formed a big, bearish candlestick pattern on the daily charts.
- Major gainers on the Nifty included Dr Reddy’s Laboratories, L&T, ONGC, BPCL, and SBI Life Insurance, while losers included Adani Enterprises, Adani Ports, M&M, Asian Paints, and IndusInd Bank.
- The market is expected to step out of the Monday blues and open positively today with support at 17,107, followed by 17,008 and 16,849.
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