Mumbai, March 18 The cash market volumes on the NSE fell sharply to Rs 0.79 lakh crore on Monday -- the lowest since January 1, 2024 -- ahead of the looming financial year-end, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Asian stocks advanced on Monday as Chinese industrial output and retail sales figures beat estimates and investors looked ahead to a slew of central bank decisions.
The European markets started Monday with modest gains ahead of policy decisions this week by Japan’s central bank and the US Federal Reserve, Jasani said.
Lately, the Nifty has not been able to hold on to the entire intraday gains. But at the same time, it is witnessing support from the lower levels, and could stay in the 21,905-22,204 band for the near term, he added.
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty remained volatile throughout Monday, oscillating between 21,900 and 22,100.
The bulls have thus far managed to defend the 21,900 level successfully. However, a dip below 21,900 could strengthen the bears' position, although for now, any downturn is being met with buying activity, De said.
On the upside, a sustained upward movement beyond 22,100 may propel the index towards 22,250 and beyond. Support is established at 21,900, below which the index might decline towards 21,700, he added.
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