Eicher Motors, Maruti Suzuki, Nestle India, Power Grid, and ONGC were the top gainers in the Nifty 50. While Tata Consumer, Tata Motors, Tata Steel, Axis Bank, and HDFC Bank were the key losers in the Nifty 50 on March 20.

Stocks To Watch: TCS, Vodafone Idea, SBI cards, Ultratech Cement, Shakti Pumps, Tata Steel, Adani Enterprises, NBCC

Is the worst over for Paytm? Stock gains for 4th consecutive day; Here’s all you need to know

LIC slumps 25% from all time high; Find out what analyst make of stock price below IPO rate

Will Nifty bounce back to 22,000 or more downfall in store? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

Courtesy: NSE

Courtesy: NSE

Courtesy: NSE

The NSE Nifty 50 was up 30.60 points or 0.14% at 21,848.05, while the 30-stock Sensex was up 120.39 points or 0.17% at 72,132.44.

Courtesy: NSE

Courtesy: BSE

Shares of One97 Communications, the parent company of Paytm, extended their positive momentum for the fourth consecutive session. The stock soared more than 4% intra-day basis on Wednesday March 20, hitting day high of Rs 425.70 on the NSE, buoyed by robust trading volumes.

The gains came in the wake of the National Payments Corporation of India (NPCI) granting approval for Paytm to operate within the Unified Payments Interface (UPI) framework as a third-party application provider (TPAP) under the multi-bank model.

Rupak De, Senior Technical Analyst at LKP Securities, noted that the BankNifty continued its sideways movement, reflecting ongoing uncertainty between bullish and bearish sentiments. This was highlighted by the formation of a doji candle. De emphasized the importance of key levels: support at 46000 and resistance at 47000, where significant put and call open interests are concentrated. A breakout beyond this range is eagerly anticipated for a clear directional move. However, within the current range, bullish sentiment dominates. De suggested traders consider adopting a buy-on-dip strategy, with 46000 serving as a stop-loss level.

The NSE has added Balrampur Chini Mills, Bharat Heavy Electricals, Biocon, Hindustan Copper, Indus Tower, Piramal Enterprise, RBL Bank, Sail, and Zee Entertainment Enterprise in F&O on March 20, 2024.

Shares of Bharat Petroleum Corporation (BPCL) rose 2.6% to an intraday high of Rs 572.40. The uptick in the stock price was seen after the company signed a deal with BP to purchase 1 million barrels per month of US West Texas Intermediate crude for four months, Reuters reported citing sources.

Eicher Motors, Maruti Suzuki, BPCL, Power Grid, and Bajaj Auto were the top gainers in the Nifty 50. While Hindalco, UPL, Britannia, Dr Reddy’s Lab, and HDFC Life Insurance were the major losers in the Nifty 50 on March 20.

Foreign institutional investors (FII) mopped shares worth net Rs 1,421.5 crore, while domestic institutional investors (DII) bought shares worth net Rs 7449.5 crore on March 19, 2024, according to the provisional data available on the NSE.

In yesterday’s trading session, Nifty faced a downturn due to various factors including reduced Fed rate cut expectations and heightened geopolitical tensions. However, this Wednesday morning brings optimism with positive catalysts such as India VIX stability, FIIs’ buying activity, and favorable Wall Street performance. Looking ahead, Nifty’s bullish outlook remains strong with key support expected at 21560, while technical confirmation of strength lies above 22050. The Nifty Put Call ratio fell to 0.73, signaling a potential shift towards bullish sentiment, said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

“Attention now turns to the outcome of the Fed’s FOMC meeting, with futures traders estimating a 54% chance of a rate cut in June. Oil marketing companies may face pressure as WTI Crude trades above $82 per barrel. Recommended trading strategies include buying Nifty and Bank Nifty at current levels, with a bullish stance on Indigo based on momentum play,” he said.

On Wednesday morning, trading in the Asia-Pacific region shows a mixed picture. The Asia Dow is down by 0.39%, while Japan’s Nikkei 225 is in positive territory, up by 0.66%. Hong Kong’s Hang Seng index is experiencing a decrease of 0.42%, and China’s benchmark index, the Shanghai Composite, is down by 0.14%.

On Wednesday morning, WTI crude prices are currently at $82.47, showing a decrease of 0.31%, whereas Brent crude prices stand at $87.19, marking a 0.22% decline.

The US Dollar Index (DXY), gauging the dollar’s strength against six major foreign currencies, experienced a decline of 0.30%, settling at 103.90.

According to Bloomberg, U.S. stocks experienced minimal changes as investors awaited the Federal Reserve’s pivotal decision, which will influence expectations regarding potential interest rate adjustments throughout the year. The Nasdaq Composite, primarily comprising tech stocks, closed with a modest increase of 63.34 points or 0.39% at 16,166.79. Meanwhile, the S&P 500 rose by 29.09 points or 0.56% to reach 5,178.51, and the Dow Jones Industrial Average concluded the session with a gain of 320.33 points or 0.83% at 39,110.76.