Stock Market LIVE Updates: GIFT Nifty indicates a flat start; US, Asian markets fall

LTIMindtree has executed a Shareholder’s Agreement with Global Digital Integrated Solutions Company, a wholly owned subsidiary of Saudi Arabian Oil Company, for setting up a Joint Venture in the Kingdom of Saudi Arabia.

The Reserve Bank of India (RBI) barred JM Financial Products (JMFPL) from giving loans against shares and debentures, including sanction and disbursal of loans against initial public offering (IPO) of shares, with immediate effect. The action has been taken by the RBI after observing certain serious deficiencies in the financial services firm’s loan process. More importantly, the central bank highlighted that there are serious concerns on the governance issues in the company, apart from violation of regulatory guidelines.

Indian indices opened flat on March 6 with Nifty around 22,300.

The Sensex was down 200.73 points or 0.27 percent at 73,476.40, and the Nifty was down 52.10 points or 0.23 percent at 22,304.20. About 994 shares advanced, 1206 shares declined, and 113 shares unchanged.

Bajaj Auto, SBI Life Insurance, Kotak Mahindra Bank, Grasim Industries and Coal India were among major gainers on the Nifty, while losers were Apollo Hospitals, Hero MotoCorp, Tech Mahindra, TCS and BPCL.

Recovery in the 2nd half of the trading session helped the Index to trim half of its losses to settle 05th March trade at 22,356 with a moderate loss of 49 points. After testing its strong support of 22,300, the Index has formed another DOJI candlestick pattern which indicates indecisiveness between the bulls and bears. A convincing close above 22,420 is a must to resume its uptrend.

From the Nifty50, we are bullish on Bharti Airtel as the stock has given a strong breakout from a Bullish Flag and Pole formation, and as per the pattern, the approximate target is Rs 1340.

Post the breakout, follow-up buying allowed BankNifty to outperform (HDFC Bank- On the brink of a Symmetrical Triangle Breakout). The immediate resistance is placed at 48,000 while the downside is protected at 47,275.

Range breakdown was spotted in the IT sector suggesting a short-term trend change to negative. The PSU Banking sector and almost all the components have given a strong breakout indicating an extension of the primary uptrend.

The Sensex and Nifty indices are expected to open flat on March 6, according to trends in the GIFT Nifty, indicating a muted start for the broader index with a loss of 18 points.

On March 5, the Indian equity benchmarks concluded a four-day winning streak, closing lower amidst mixed global cues and selling in IT and FMCG stocks in a highly volatile session. Despite this, the sentiment remains positive, with the index staying above the short-term moving average. The momentum indicator RSI is signaling a bullish crossover.

After testing robust support at 22,300, the index displayed a DOJI candlestick pattern, indicating indecision between bulls and bears. If the price breaches the 22,460 level, there is potential for further upward movement towards 22,600 and 22,700. Conversely, the immediate support for the Nifty is identified at 22,300.

In the Bank Nifty segment, bulls maintained control, staying above the crucial support level of 47,400. The immediate resistance for the index is at 48,000, and a successful breach of this level is anticipated to propel the index towards its all-time high. The overall outlook remains bullish, and any declines toward the mentioned support level are considered buying opportunities.

On March 5, foreign institutional investors (FIIs) net bought shares worth Rs 574.28 crore, while domestic institutional investors (DIIs) purchased Rs 1,834.61 crore worth of stocks, as per provisional data from the NSE.

In today’s trading landscape, the Nifty, showing a slight dip to 22410, retains a positive outlook buoyed by substantial buying from FIIs and DIIs, hinting at a continued bullish grip despite potential short-term hesitations. The technical analysis suggests a supportive intraday range between 22250-22500, with a bias leaning positively, backed by options data indicating a broader 21500-23000 trading range.

Key corporate moves, including Tata Power Solar’s financing partnership and Tata Motors’ demerger, alongside strategic trading recommendations for Nifty and Bank Nifty, spotlight a market ripe for selective buying, with BANK OF BARODA emerging as a compelling pick amidst a cautiously optimistic market awaiting Federal Reserve cues.

Indian rupee opened flat at 82.90 per dollar against previous close of 82.89.