Nifty reclaims 22,900, tests 23,000 as tensions show early signs of easing
Further recovery hinges on further de-escalation progress
Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.
In our latest episode of In The Money by Zerodha video series, we focus on an idea that is absolutely central to intraday trading: market structure statistics. We explore how skilled traders develop an intuitive feel for numbers and how you can use data as a framework to dramatically shorten your learning curve and avoid poor trading decisions. Because this episode is heavily data-driven, grab a notebook to follow along.
Market Overview
Nifty opened with a sharp 366-point gap-up at 22,878, following Donald Trump’s announcement of a temporary pause on planned US military strikes against Iran, along with a cooling in crude oil prices. However, the index saw some volatility as it slipped toward the 22,700–22,650 zone by 10:30 AM as the bearish trend from the past few days continued.
As the session progressed, buying interest picked up steadily through the late morning, with Nifty reclaiming the 22,800–22,850 zone by noon. The momentum strengthened further in the early afternoon, pushing the index to intraday highs near the 23,000–23,050 range around 1:45 PM.
After that, the index turned range-bound, oscillating between 22,900 and 22,980 as gains were capped near higher levels. A mild bout of profit booking in the final hour dragged Nifty slightly lower, but it managed to hold most of its gains. Nifty eventually closed at 22,912.40, marking a strong session led by a sharp gap-up, early morning dip, steady recovery through the day, and consolidation towards the end.
Looking ahead, markets are likely to remain sensitive to global geopolitical developments, risk appetite, AI-related news flow, and key domestic cues.
Broader Market Performance:
The broader market bounced back sharply today. Of the 3,371 stocks that traded on the NSE, 2,483 advanced, 809 declined, and 79 remained unchanged.
Sectoral Performance:
Sectoral performance was broadly positive today, with Nifty Media leading the gains, up 3.45%, while Nifty Energy was the least positive performer, rising 0.70%. Overall, all 12 sectors closed in green, with 0 sectors in red.
Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 30th March:
The maximum Call Open Interest (OI) is observed at 23,000, followed by 23,200, indicating potential resistance at the 23,200 -23,300 levels.
The maximum Put Open Interest (OI) is observed at 23,000, followed by 22,500, suggesting support at 22,700-22,600.
Note: OI is subject to multiple interpretations; however, generally, an increase in Call OI indicates resistance in a falling market, while an increase in Put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform that has constructed niche indices for various themes and sub-sectors. They help you understand the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard
What’s happening in India
India’s services PMI eased to 57.2 in March, indicating a slowdown in growth amid softer domestic demand and rising cost pressures. Dive deeper
India’s composite PMI fell to 56.5 in March, marking the slowest expansion since October 2022 as growth moderated across manufacturing and services. Dive deeper
India’s manufacturing PMI fell to 53.8 in March, marking the weakest expansion since September 2021 amid softer domestic demand and geopolitical uncertainty. Dive deeper
The rupee slipped nearly 50 paise to 93.73 per dollar, pressured by a stronger dollar and rising crude oil prices after cooling down till 93.20 yesterday on de-escalation hopes. Dive deeper
Shares of GSP Crop Science Ltd ended their debut with 10–11% gains after listing at a modest premium of 2.5–4% over the ₹320 issue price. Dive deeper
SEBI is considering allowing foreign portfolio investors (FPIs) into commodity derivatives, starting with non-agri segments like energy and metals. Dive deeper
L&T shares rebounded over 5% after signs of easing geopolitical tensions, following indications of possible progress toward ending the Iran conflict. Dive deeper
Bosch Limited and Tata AutoComp Systems have formed an equal-share joint venture to develop and manufacture eAxle systems and electric motors in India. Dive deeper
Coal India’s board has approved the sale of stakes in its subsidiaries SECL and MCL, with up to 25% divestment planned via an offer for sale. Dive deeper
Indian buyers are cutting vegetable oil imports, expecting the war-driven price surge to ease once geopolitical tensions subside. Dive deeper
What’s happening globally
WTI crude rose to around $91 per barrel, recovering part of the previous session’s sharp decline amid volatile trading. Prices remained sensitive to escalating Middle East tensions and the risk of broader regional involvement. Dive deeper
Gold hovered near $4,400 per ounce, staying close to multi-month lows amid volatile trading driven by Middle East tensions. Dive deeper
The dollar index rose to around 99.4 as investors sought safety amid ongoing Middle East tensions and persistent inflation concerns. Dive deeper
Japan’s 10-year bond yield eased to around 2.27%, pulling back from recent highs after softer inflation data reduced expectations of near-term rate hikes. Dive deeper
OpenAI CEO Sam Altman stepped down from Helion Energy’s board as the companies explored a potential large-scale partnership. Dive deeper
Airlines have cancelled multiple flights and shut routes across West Asia as the Iran conflict disrupts major aviation hubs like Dubai and Doha. Dive deeper
Management chatter
In this section, we highlight interesting comments from the management of major companies and policymakers in the Indian and Global Economies.
Prime Minister Narendra Modi, in his Rajya Sabha speech, urged citizens to brace for challenges arising from the ongoing US-Iran war in West Asia:
“I urge citizens to be prepared for every challenge. The impact of this war may be long-lasting, but I assure the people that the government is alert and the nation’s interest remains paramount.”
“The challenges ahead will test us. I urge all states to act proactively, as in difficult times, it is labourers and the weaker sections who are affected the most. Steps must be taken to safeguard our migrant workers. State governments should also remain vigilant against black marketing, which tends to rise in such periods, and ensure that such practices do not take place" - Link
Ruth Porat, President & Chief Investment Officer, Alphabet (Google) on AI & Electricity:
“The US may not be scaling electricity fast enough for the expansion of artificial intelligence.”
“We need more energy development to support the growth of AI.”
“The vast amount of power required for AI data centres is a key challenge.” - Link
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Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
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Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!