Indian inventory, commodity and cash markets will stay shut on Friday, March 18, 2022, on account of Holi. They will resume buying and selling on Monday, March 21, 2022.
On Thursday, the S&P BSE Sensex rallied 1,047.28 factors (1.84 per cent) to settle at 57,863.93 whereas the Nifty 50 climbed 311.70 factors (1.84 per cent) to finish at 17,287.05.
The rupee spurted by 37 paise to shut at 75.84 towards the US greenback on Thursday, supported by optimistic home equities and broad greenback weak spot after the US Federal Reserve hiked charges.
Commenting on the outlook for Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities stated, “Previously, the area of 16,800-17,000 level has acted as a strong support for the market in past and the recent downside breakout of it has resulted in a 1,000 points decline in short span of time. Hence, present decisive upside breakout of this area could indicate continuation of sharp upside momentum for the near term. The potential upside targets to be watched around 17,800-18,000 levels in the next few weeks. Immediate support is placed at 17,050 levels.”