7th March Market Report

Daily Market Report:

The Indian Equity benchmark indices BSE Sensex and Nifty 50 were closed negative at the end of the day( 04/03/2022). BSE Sensex was down by 768.87 points (1.40%) to 54333.81 and Nifty was down by 252.70 points (1.53%) to 16245.35

Dr. Reddy, ITC, Tech Mahindra were the top gainers.

Nifty has formed a bearish candle on a weekly time frame and closed below 16400 which was the major level.

Nifty may continue to be weak in upcoming sessions

Nifty support is at 15900 and resistance is at 16800. 

In the coming week, market will react based on the Russia-Ukraine crisis and its impact on crude and five state election results on March 10.

Inflation could cross RBI's tolerance level because of rising oil prices.

PNB Housing Finance to consider fundraising plan on March 9.

Coal India's subsidiary BCCL has posted a record 61 percent growth in its production to 3.24 million tonnes (MT) in February.

India set to export record 7 million tonnes of wheat this year

India's forex reserves fall $1.43 billion on-week to $631.5 billion as of February 25: RBI

India Nikkei Services Purchasing Managers Index (PMI) at 51.8 vs Expected 53.0

US economy adds 678,000 jobs, continuing strong run.

Prices of raw materials like wheat and various metals rise high because of the sanctions by western countries on Russia

Euro fell below $1.10 against the dollar on Friday for the first time in almost two years.

European banking stocks index fell around 16%, its worst week since March 2020.

Open Interest:

On open interest, the Maximum put open interest is at 16000 followed by 15500. Maximum call open interest is at 17000 followed by 16700.

Put Writing is at 16300 followed by 16200, 15500

Call Writing is at 17000 followed by 16300, 16700

India VIX down by 0.70% from 28.16 to 27.96 level.

India Vix has to fall below 20 for stability for the market

Participant wise open interest data of FII Shows call selling in the index is more than put selling. FII's were 43% long in index future was decreased compared to the previous day.

In Cash Market, FII's are net sellers 7631.02 crores, and DII's are net buyers 4738.99 crores.

Options data suggests a trading range between 15500 to 16300

Global Markets:

U.S Markets were closed negative at the end of the day

Dow Jones industrial average was down by 179.86 points (0.53%) to 33614.80

S&P 500 Index was down by 34.62 points (0.79%) to 4328.87

Nasdaq Composite was down by 224.50 points (1.66%) to 13313.44

European markets were negative at the end of the day

Asian markets are negative right now 07.30 IST

SGX Nifty trading 400 points lower to 15845  07.30 IST

SGX Nifty indicates a negative start for Indian markets.