Stock Market Today – 16th March, 2023

Nifty managed to break its 5-day losing run as it managed to gain 0.20% for the day.

Market breadth continued to remain negative. Buying interest was seen in Media, FMCG and Power stocks while Metal and IT stocks were down for the day.

Major gainers today: BPCL, ASIANPAINT, HIndustan Unilever

Major losers today: Hindalco, Tata Steel, IndusInd Bank

At global level, the focus continues to remain on development around Credit Suisse and SVB crisis.

From the current levels of 17010 spot, Nifty has a good support around 16800 spot. From technical point of view, a bounce is likely to be seen. To see any meaningful bounce, Nifty needs to hold above short-term support of 16800 spot.

As mentioned earlier, protecting your capital in uncertain times is the key to make money in trading/investment. So, while you try to ride this roller coaster ride – be sure to fasten your belts (by using stoplosses along the way).

Profitable trading!

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