Recovery continues for the second day as Nifty tests 23,600
Broader markets joins the headline indices
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 gap-up of 84 points at 23,493, tracking positive global cues. The index saw some volatility in the opening minutes, briefly dipping toward the 23,350–23,360 zone before witnessing a steady recovery. Buying interest picked up through the first hour, pushing Nifty higher toward the 23,550–23,570 range.
However, the momentum faded soon after, and the index slipped sharply through the late morning session, falling toward the 23,360–23,370 zone around 11:30 AM and remained in a range for 50-point range for an hour.
After 12:30 PM, the recovery strengthened with consistent buying, helping the index reclaim the 23,500 mark and move higher toward the 23,600–23,650 zone after 2:30 PM before witnessing some profit-taking in the final hour. The index eventually settled at 23,581.15, ending the session with decent gains after a volatile day marked by a mid-session dip and a strong second-half recovery.
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 had a bullish session today. Of the 3,327 stocks that traded on the NSE, 1,934 advanced, 1,299 declined, and 94 remained unchanged.
Sectoral Performance:
Sectoral breadth remained strong today, with Nifty Metal leading the gains, up 2.82%, while Nifty IT was the top laggard, declining 0.97%. Overall, 10 sectors closed in green and 2 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 24th March:
The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,500 & 23,600, indicating potential resistance at the 23,700 -23,800 levels.
The maximum Put Open Interest (OI) is observed at 23,500, followed by 23,600, suggesting support at 23,300-23,200.
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
The rupee fell 14 paise to 92.42 per dollar in early trade, pressured by rising crude oil prices, foreign fund outflows, and a stronger dollar. Dive deeper
The government has extended relief measures for export cargo till March 31 amid disruptions at the Strait of Hormuz, allowing easier handling of diverted and returning shipments. Dive deeper
Reliance Industries has signed a $3 billion, 15-year green ammonia supply deal with Samsung C&T, with deliveries set to begin from FY30. Dive deeper
TCS has partnered with Nvidia to launch its ‘Rapid Outcome AI’ platform, aimed at helping enterprises deploy and scale AI applications across industries. Dive deeper
GMDC shares rose over 3.5% after the company signed an MoU with NMDC to explore opportunities in the rare earth elements (REE) sector. Dive deeper
Indian government bonds are under pressure due to elevated oil prices and a surge in state debt supply, which are pushing yields higher and weakening demand. Dive deeper
Indian state-owned fuel retailers are seeking advance payments from dealers as rising global oil prices and a weaker rupee squeeze margins while retail fuel prices remain unchanged. Dive deeper
Bajaj Electricals has signed an agreement to acquire the intellectual property and brand rights of Morphy Richards in India and select South Asian markets for ₹141.4 crore, strengthening its presence in the premium appliances segment. Dive deeper
Kalpataru Projects International (KPIL) secured new orders worth around ₹2,471 crore across segments including an underground metro rail project (via JV), power transmission & distribution contracts in India and overseas, and domestic buildings & factories projects. Dive deeper
What’s happening globally
Brent crude rebounded above $104 per barrel as markets weighed ongoing attacks on energy infrastructure and uncertainty around the Strait of Hormuz. Dive deeper
Gold edged up to around $5,020 per ounce, but remained near a one-month low as markets assessed the inflation impact of the ongoing Middle East conflict. Dive deeper
Silver hovered near $80 per ounce, close to a one-month low, as elevated energy prices from the Middle East conflict raised inflation concerns and reinforced expectations of steady interest rates. Dive deeper
Germany’s ZEW economic sentiment index plunged to -0.5 in March, marking one of the sharpest declines on record as the Middle East conflict dampened investor confidence. Dive deeper
The Japanese yen weakened toward 159.5 per dollar, as verbal intervention by authorities failed to halt its decline despite warnings of possible action. Dive deeper
The RBA raised its cash rate by 25 bps to 4.1%, citing renewed inflationary pressures and tight labour market conditions. Dive deeper
Nvidia is developing AI modules for space-based data centres, with a planned satellite launch later this year marking their deployment. Dive deeper
Samsung shares rose up to 5% after Nvidia confirmed the company is manufacturing its new AI chips, boosting sentiment around its foundry business. 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.
Karan Taurani, Executive Vice President, Elara Capital, on the impact of LPG crisis on QSR chains:
“No meaningful shutdowns have been reported across organised QSR chains.”
“Order volumes remain broadly stable over the past few days.”
“Constrained cooking fuel availability could reduce restaurant operating capacity and impact order fulfilment.” - 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.
So, we’re now on Reddit!
We love engaging with the perspectives of readers like you. So we asked ourselves - why not make a proper free-for-all forum where people can engage with us and each other? And what’s a better, nerdier place to do that than Reddit?
So, do join us on the subreddit, chat all things markets and finance, tell us what you like about our content, and where we can improve! Here’s the link — alternatively, you can search r/marketsbyzerodha on Reddit.
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!