Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 20
Buy or sell stocks for today: Domestic equity benchmarks Nifty 50 and Sensex witnessed a huge sell-off in the previous session dragged by a sharp fall in information technology (IT) stocks ahead of the US Federal Reserve's monetary policy decision -- which is due later tonight, that could impact the extent of foreign fund inflows. The 30-share Sensex dropped 736 points, or 1.01 per cent, to close at 72,012.05 on March 19, while the Nifty 50 ended the day at 21,817.45, down 238 points, or 1.08 per cent.
The BSE Midcap index lost 1.36 per cent while the Smallcap index ended 1.04 per cent lower. IT stocks, which are sensitive to US interest rates, dropped 2.9 per cent on Tuesday, the most among the major sectors.
Investors also remained cautious following the Bank of Japan's decision to raise rates for the first time in 17 years, ending eight years of negative interest rates, as expected by the market. Traders will now shift their focus to the outcome of the Jerome Powell-led Federal Open Market Committee (FOMC).
The Fed is expected to keep rates unchanged and investors will take cues from the central bank's interpretation of recent inflation trends and economic growth. Also, international crude oil prices hit multi-month highs over Ukraine's drone attack on Russia posing supply disruptions, with Brent futures at $87 per barrel and US West Texas Intermediate at $82.47.
Also Read: US Fed meeting: 3 key things that may influence Fed's interest rate decision and more Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said that Nifty 50's next important and crucial support zone is way below 21,500 zone while on the upside a decisive breach above 22,000 only can bring about some conviction. The Prabhudas
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