Market Gauge: Indian Equity Market Condition as on 17th March 2024

Market Gauge by Rohan Jagtap

After the recent drop in the market, valuations have shifted from the premium zone to the expensive zone

As per market gauge, the market sentiments are negative, and a further decline is expected.

Market Trend : Downtrend

• The Nifty ended the week at 22,023, marking a decline of 2.09% during the previous week.

• The Sensex gained 200 points and the Nifty rose above 21,850 on Friday, led by a rebound in auto and energy stocks, and tracking Asian peers ahead of the US Federal Reserve’s rate decision.

• The Bank Nifty has the potential to lead the buying supported by other high-quality large caps like Bharti, RIL, and leading auto stocks.

• The overall chart pattern of Nifty is weak and one may expect further decline in the near term.