Optimistic start to the week for Nifty
as it closes near 23,400; Broader markets struggle
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 explore scalping, one of the most tempting yet misunderstood approaches in intraday trading. The idea sounds simple: take many quick trades, capture small price movements, and repeat the process multiple times during the day.
But beyond that initial appeal, scalping is far more demanding than it appears, and very few traders are able to sustain it over the long run. Instead of presenting scalping as a shortcut to quick profits, this episode examines the idea through a data-informed and rules-based lens, focusing on what actually makes such strategies viable.
Market Overview
Nifty opened with a 35-point gap-down at 23,116, reacting to geopolitical tensions that continued to remain elevated over the weekend. The index saw choppy moves in the opening minutes and briefly pushed toward the 23,230–23,250 zone before selling pressure emerged. Nifty then slipped steadily through the morning session, dropping to the 22,950–22,970 zone around 11 AM.
After hitting the intraday lows, the index staged a sharp recovery through the late morning session, climbing back toward the 23,170–23,200 range by 11:30 AM. However, the recovery lacked strong momentum, and Nifty remained largely range-bound between 23,100 and 23,180 through most of the early afternoon session.
In the second half, after 2 PM, a sharp bout of buying triggered a strong rally that pushed Nifty decisively higher towards the 23,470-500 zone before some late sell-off trimmed gains. Nifty eventually settled at 23,408.80, marking a strong recovery from the day’s lows driven by a sharp late-session rally.
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:
Despite the bounce in headline indices, the broader market had a weak session today. Of the 3,372 stocks that traded on the NSE, 1,075 advanced, 2,213 declined, and 84 remained unchanged.
Sectoral Performance:
Sectoral performance showed mixed trends today, with Nifty Auto emerging as the top gainer, rising 1.67%, while Nifty Realty was the top loser, declining 1.57%. Overall, 6 sectors closed in green, and 6 sectors ended 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 17th March:
The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,700, indicating potential resistance at the 23,600 -23,700 levels.
The maximum Put Open Interest (OI) is observed at 23,000, followed by 23,200, suggesting support at 23,100-23,000.
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 merchandise trade deficit widened to $27.1 billion in February, as imports surged 24% year-on-year, driven largely by higher gold and silver purchases, while exports slipped slightly. Dive deeper
India’s 10-year G-Sec yield rose to around 6.7%, extending gains as surging oil prices, a weaker rupee, and FPI outflows pressured bond markets. Dive deeper
The Indian rupee hovered near record lows around 92.45 per dollar, pressured by surging crude prices and continued foreign portfolio outflows. Dive deeper
India’s wholesale inflation rose to 2.13% in February, the fastest pace in a year, driven by higher prices of primary articles and manufactured products. Dive deeper
The government may cap lending rates for banks funding microfinance institutions (MFIs) under a proposed credit guarantee scheme, limiting rates to about 2 percentage points above the MCLR. Dive deeper
Union Bank of India’s board has approved a plan to raise up to ₹20,000 crore through long-term bonds, with proceeds aimed at financing infrastructure and affordable housing projects. Dive deeper
Shares of Fino Payments Bank fell about 18% after reports suggested a possible Enforcement Directorate (ED) probe linked to online gaming transactions. Dive deeper
Bandhan Bank shares fell about 7.6% after reports that the promoter group is exploring a stake sale to facilitate exits for long-term investors. Dive deeper
Vodafone Idea shares were in focus after reports that JSW Group and Singapore-based ST Telemedia are exploring a potential stake in the telecom operator. Dive deeper
TVS Motor launched the Orbiter V1 electric scooter, powered by a 1.8 kWh battery, positioning it as the most affordable EV in its portfolio. The company also introduced a Battery-as-a-Service (BaaS) model, bringing the starting price of its electric scooters down to ₹49,999. Dive deeper
Adani Power shares rose over 5% after the company secured a 1,600 MW power supply deal with Maharashtra State Electricity Distribution Company (MSEDCL) under a proposed 25-year agreement starting FY31. Dive deeper
What’s happening globally
Brent crude rose to around $106 per barrel, the highest since July 2022, as the ongoing Middle East conflict and risks to the Strait of Hormuz intensified supply concerns. Dive deeper
Gold held near $5,000 per ounce after two weeks of declines as escalating tensions in the US-Iran conflict kept energy markets volatile. Dive deeper
The Japanese yen strengthened past 159.5 per dollar, recovering from recent losses amid concerns authorities could intervene if the currency weakens beyond 160. Dive deeper
The offshore yuan edged up to around 6.90 per dollar, supported by stronger-than-expected Chinese economic data, including industrial output and retail sales. Dive deeper
Foxconn reported a 24% rise in annual net profit to NT$189.4 billion in 2025, driven by strong demand for AI servers. Dive deeper
The IEA said oil from its record emergency stockpile release will be supplied to Asia immediately to offset supply disruptions from the Middle East conflict. Dive deeper
Barclays is considering restarting its equity capital markets (ECM) business in India nearly a decade after exiting the segment as part of an Asia-wide restructuring. 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.
S. Jaishankar, External Affairs Minister of India, on the passage of Indian tankers:
“Diplomacy yielded passage of two tankers through the Strait of Hormuz.”
“I am at the moment engaged in talking to them, and my talking has yielded some results.”
“There is no agreement with Iran yet; discussions are still ongoing. - Link
Abbas Araghchi, Foreign Minister of Iran, on Russia and China:
“Russia and China are our strategic partners, and that includes military cooperation as well.”
“A military cooperation between Iran and Russia is not something new. It’s not a secret.”
“I’m not going to reveal the details of our cooperation with other countries during wartime.” - Link
🧑🏻💻Have you checked out The Chatter?
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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See you there!
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!