07th March 2024- Stock Market Post Market Data Points.

 

07th March 2024- Stock Market Post Market Data Points.

• - The Nifty 50 reached a record closing high on March 7 amidst rangebound trading.

• - Declining India VIX favored the bulls, contributing to the market's positive sentiment.

• - The index maintained a pattern of higher highs and higher lows, remaining above key moving averages on daily and weekly charts, indicating bullish sentiment.

• - Surpassing the 22,500 mark, the Nifty 50 opened at 22,505 and reached an intraday high of 22,526 before settling at 22,494, up by 20 points.

• - The daily candlestick pattern formed a Doji, suggesting indecision among traders about the market's future direction.

• - The Bank Nifty saw some profit booking after crossing the 48,000 mark, settling at 47,836, down by 130 points.

• - On the daily timeframe, a bearish candlestick pattern was formed, while the weekly timeframe showed a 1.2 percent increase with bullish candlestick patterns for four consecutive weeks.

• - Resistance was observed at the 48,000 level for Bank Nifty, with support found at 47,750.

• - The market remained closed on March 8 due to Mahashivratri.