It was a brutal trading session for the Indian markets in the last sessions and is now trading below all the major moving averages and also the key support area on the daily charts. There is minor support zones for the index around 22900-23000 levels where an unfilled gap is placed while 23500-23600 remains major hurdle for the day. Bank Nifty have drifted sharply lower in the last few days and is now trading around 53700 levels. The sentiments is extremely bad on the street with the overall trend of the index seems to be bearish and sell rise on rise strategy should be adopted by the traders till it is not closing above 56600 on the short-term basis. Stocks in News: ADANIPOWER: company has received a Letter of Award (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for the supply of 1,600 MW thermal power. (Impact: Positive) WAAREENERG: company will open a 10 GW integrated ingot and wafer manufacturing facility in Nagpur. (Impact: Positive)

INDIGO

: company has introduced a fuel charge on domestic and international routes, effective March 14. (Impact: Neutral to Negative) The global markets are weak tracking the development in the middle east followed by heavy volatility in the crude oil prices. The sentiment on the street will remain extremely cautious till it is trading below yesterday’s low on the charts.

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