The Sensex and Nifty Indian equity indices were steady on Monday as investors maintained their cautious stance at higher levels. The leading gainers were M&M, RIL, and TCS, while the laggards were Infosys and private banks. The trading of the mid- and small-cap indices was also unimpressive.
Only PSU Banks, Media, and Auto showed increased sector trade; the other companies saw profit-taking.
Market turbulence is predicted to worsen on Wednesday, March 20, as the Federal Reserve makes its verdict. The forthcoming Lok Sabha elections, which are scheduled to take place from April 19 to June 4, are also attracting the interest of investors. Concerns are raised in the meantime by the Mutual Funds stress test findings, which are required by SEBI and point to possible market stress. The Nifty has intraday support at 21861, major support at 21530, and immediate resistance at 22250. In the face of the current uncertainty, a cautious and agile strategy is recommended.