Saturday, 9 March 2024

Week Ending 07th March 2024

Dear patrons, in yet another display of stellar performance, the Indian markets scaled new highs last week. Both the benchmark indices the Nifty as well as Sensex made new lifetime highs in the week. Banking sector proved to be the major booster for indices to reach new highs. Almost all banking stocks were at their all-time high levels last week following robust GDP data and forecast.

Flow of incessant good news for the Indian economy continued last week on the back of impressive GDP figures for Q3FY24. The RBI projected Indian economy to grow by 8% surpassing Government of India's forecast of 7.6% in FY24. Further, rating agency Crisil has forecast Indian economy to grow by 6.8% next fiscal and remain world's fastest growing big economy.

Globally Federal Reserve will declare their monetary policy on 20th March and is expected to maintain status quo. Markets expect rates to come down from as early as May. The Fed chairman's address last week was, however, a misnomer for the markets. The chair indicated that the Fed is ready to cut rates only when economic data supports such rate cut. On the back of these statements, the US markets remained sideways amid volatility.

Let's see what transpired last week and try to forecast what lies ahead for next week.


Nifty, as expected, moved towards 22500 and managed to close a tad below 22500. It was volatile for the week with movement on both sides. Nifty too support around 22200 levels as mentioned in the previous blog. You may read it here Weekly Market Update: Week Ending 2nd March 2024 (amitbajare.blogspot.com). Nifty looks a bit tired and may remain rangebound for the coming week. Action is likely to shift to sectoral indices and certain sectoral indices are likely to outperform the benchmark index while certain other are likely to under perform. Support for Nifty lies around 22300-22200 levels, while on the upside Nifty enters uncharted territory and resistance may be encountered towards 22650-22750 levels.


Bank Nifty's out performance continued last week as well, and it managed to gain in excess of 1% for the week. It moved to touching distance to its all-time high. As expected, it moved up but could not hold on to gains above 48000 and closed a tad above our resistance level of 47800. In the coming week it is expected to move with a positive bias towards lifetime high. Support for BankNifty is placed around 47400-47300 while resistance lies around 48600-48700. 

Broader markets may remain range bound, and action may shift to sectoral indices, with a focus on stock specific moves. Traders may look for opportunities in certain sectors for positive returns.

Happy Investing!!!

  1. "To be a successful business owner and investor, you have to be emotionally neutral to winning and losing Winning and losing are just part of the game.” ~ Robert Kiyosaki

P.S.: This communication is for educational purpose only and does not recommend buying or selling any stock or index. Trade at your own risk.

Sunday, 3 March 2024

Week Ending 2nd March 2024

Dear patrons, it has been an eventful last week witnessing yet another Life-Time High on the benchmark indices namely Nifty and Sensex. Markets were volatile though the week on account of February series expiry and witnessed a brutal sell off a day before expiry. Nifty plunged below crucial 21900 level on intraday basis but managed to close above it and continued its upward move towards a new high on commencement of new series on Friday.

On economy front, the Indian economy grew by a whopping 8.4% during Q3FY24. Barring pharma all sectors grew handsomely, some even clocking double digit growth. India is outpacing its contemporaries by some distance where in the second-best growth is registered around 5.5%. The overall estimate for India's growth has also been revised upwards from 7.3% to 7.6%. The Current Account Deficit is also contained within expected range.

Globally all major markets are in good shape with the US markets making new highs. This week it was the turn of Nasdaq to make a new lifetime high, following the S&P. Majority of central banks are likely to ease stand on monetary policy sooner than later which should lead to higher liquidity and more growth. We are most certainly at the peak of interest cycle and should soon witness softening of interest rates worldwide.

Lets now try to figure out what lies in store for us for the coming week.


We can see Nifty falling sharply on Wednesday and then move up even more sharply to regain lost ground and make a new ATH. We had mentioned about 21900 to act as strong support in the last blog. Nifty for a brief period went below 21900 but managed hold head above this level and zoomed beyond 22400 within a span of 3 days. You may read about it here Weekly Market Update: Week Ending 23rd February 2024 (amitbajare.blogspot.com)

Nifty may pause for some time and a correction is not ruled out. 22400-22500 range should act as resistance, while 22200-22100 range should act as support. Major support lies around 21800 and may prove to be unbreachable for Nifty


BankNifty has outperformed Nifty last week. As mentioned in the previous blog 47500 still remains elusive. Resistance for BankNifty has shifts upward this week towards 47800-47900 range and support moves to 46700-46600 levels.

In the mean accumulate good quality stocks in every dip.

Stay Invested!!!

P.S.: This communication is for educational purpose only and does not recommend buying or selling any stock or index. Trade at your own risk.