Market Overview 21 Mar 2024: NIFTY50, BANKNIFTY and SENSEX

What happened in last 24 hours:

1. US FED kept the interest rates steady and announced it would ease interest rates 3 times this year. Market reacted positively to this news and SP500 hit all time high. Other indices also made gains of more than 1%

2. NIFTY is almost 3% down and BANKNIFTY is 3.7% down from its all time high. On 30 Min. time frame, price is within the consolidation zone and last signal was SELL. Allow a fresh Buy Signal to come and let the price go above the consolidation zone before you consider taking long positions.

3. For NIFTY, nearby resistance is at 21874 level and if this hurdle is cleared, it will scale 22000 level easily and may go all the way to 22088 level.

4. FIIs have increased their short positions (24% short positions and only 10% long positions) in Index Futures and it is retail participants who are holding 70% long positions.

5. In case of very good gap up, price is expected to come towards consolidation zone first before moving further up again. So wait patiently and strike at the right moment.

Happy Trading.