Market Outlook for 06 March 2024

Ruchit Jain Ruchit Jain Ruchit Jain 6th March 2024 - 11:24 am
Listen icon

Nifty started Tuesday’s day marginally negative on back of negative cues from the global markets. However, amidst stock specific momentum on both sides, the index recovered from the intraday low of 22270 and ended the day above 22350 with a marginal loss.

Nifty Today:

Nifty witnessed some intraday correction due to global factors and profit booking in the IT heavyweights. However, as the overall trend remains positive, we have not seen any support getting breached and thus the overall uptrend remains intact. On the lower time frame charts, the index has support around 22270 which was respected in Tuesday’s session. Only if that is breached, then we can see some correction towards 22200 where next support is seen as per the options data.

Positionally, the 40 DEMA which has not been breached in the recent corrective phase is now placed around 21860 and thus the support base is gradually shifting higher. On the higher side, the resistance is seen around the 21500 mark followed by 21700. Traders are advised to continue to trade with a positive bias and look for buying opportunities on intraday declines. However, since the overall market breadth is not too strong, one should be very selective and sock picking and prefer to trade the outperformers rather than laggards.

                                          Nifty consolidates amidst stock specific momentum 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 22200 47270 20790
Support 2 22130 47060 20730
Resistance 1 22430 47820 20940
Resistance 2 22500 48050 21020

How do you rate this article?

Characters remaining (1500)

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

FREE Trading & Demat Account
Resend OTP
Resend OTP
''
''
Please Enter OTP
By proceeding, you agree T&C*
Mobile No. belongs to

Market Outlook Related Articles

Market Outlook for 24 May 2024

by Ruchit Jain 24th May 2024

Market Outlook for 23 May 2024

by Ruchit Jain 23rd May 2024

Market Outlook for 22 May 2024

by Ruchit Jain 22nd May 2024

Want to Use 5paisa
Trading App?