The bulls are running strong on Dalal Street, but smart traders know better than to get caught up in the euphoria. As we look ahead to March 21’s trading session, here’s what you need to know about the market’s direction.
Market’s Winning Streak Continues
The party on D-Street shows no signs of stopping. The Sensex just powered through another milestone, closing above 76,300 points after a massive 899-point rally. Not to be left behind, the Nifty 50 finally broke past 23,000—a level we haven’t seen since mid-February. Tech stocks led the charge, getting an extra boost from strong US markets.
Smart Money’s Game Plan
“Buy the dips, sell the rallies.” That’s what Kotak Securities’ veteran analyst Shrikant Chouhan is telling traders right now. Sure, the mood is bullish, but playing both sides might be your best bet in this market.
The numbers back this up. The India VIX (our fear gauge) dropped over 5%, meaning traders are getting more comfortable with current levels. Asian markets are looking strong too, which could give our morning session a nice lift.
Critical Levels to Watch
For day traders keeping score:
Support zones to watch: 76,000 and 75,700
Resistance levels ahead: 76,500 and 76,800
Here’s what matters: The Sensex is flirting with a crucial resistance band between 76,500 and 76,700. Break through that, and we might be looking at 77,000 sooner than you think. But if things go south, 75,000 is your safety net.
Trading expert Om Ghawalkar warns that crossing 76,600 could unleash more bulls, but dropping below 75,700 might send us sliding toward 75,500. And if you’re wondering about the very short term, Anand Rathi’s Jigar Patel sees a brief cooling-off period coming in the next couple of sessions.
Sector Spotlight
Keep your eyes on tech stocks; they’re riding high on positive Fed vibes. The auto sector’s looking pretty solid too, up 1.42% on expectations that more Indians are ready to open their wallets.
Remember: This is just market analysis, not financial advice. Always chat with your financial advisor before making any moves with your money.
