Indian stock, commodity and money markets will remain shut on Friday, March 18, 2022, on account of Holi. They will resume trading on Monday, March 21, 2022.
On Thursday, the S&P BSE Sensex rallied 1,047.28 points (1.84 per cent) to settle at 57,863.93 while the Nifty 50 climbed 311.70 points (1.84 per cent) to end at 17,287.05.
The rupee spurted by 37 paise to close at 75.84 against the US dollar on Thursday, supported by positive domestic equities and broad dollar weakness after the US Federal Reserve hiked rates.
Commenting on the outlook for Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “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.”