STOCK MARKET REVIEW OF WEEK 12-15 MARCH 2019

The S&P BSE Sensex pared gains in late trade after hitting a top of 38,254 during the day on March 15. The index rose above 38,000 for the first time since September 17, 2018.The Nifty50 also reclaimed 11,400 for the first time since September 18, 2018.NiftyBank touched yet another record high of 29,520, led by gains in Kotak Mahindra Bank, IDFC First Bank, SBI, PNB, Federal Bank, Bank of Baroda and ICICI Bank.Even RBI relaxed the PCA norms for Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Allahabad Bank & Corporation Bank subject to continuous monitoring. This would help in credit growth for some of these PSU.Liquidity has given ammunition to the bulls to charge ahead. Foreign investors have poured in more than Rs 14,000 crore in Indian markets so far in March while domestic institutional investors have pulled out nearly Rs 7000 crore in the same period.Nifty formed a bullish candle on the daily charts which also resembled a ‘Shooting Star’ kind of pattern while on the weekly charts, the index formed a bullish candle.Formation of a Shooting Star pattern suggests a pause in momentum, but that still requires confirmation. If the index closes below 11,370 on Monday then further consolidation cannot be ruled out in the coming week.Contrary to this, sustaining above 11,370 levels the Nifty can make an attempt to target the zone of 11,550 – 600 levels in the week ahead.The short term traders are advised to be  neutral  on index and should shift their focus to stock specific opportunities.