Market Outlook for 21 March 2024

Our markets traded with swings on both the sides ahead of the global event of Fed’s decision on interest rates. Nifty ended the day marginally positive while the Bank Nifty ended with minor losses.

Nifty Today:

In last few days, the index along with the broader markets have seen some correction and if we look at this week’s price action, then 21950-21900 was the support which was broken on Tuesday. Now, this is seen as immediate resistance on pullback move which also acted as a hurdle on Wednesday. The near term trend could be determined by the outcome of the FOMC meet, but the short term technical structure remains weak as of now. The derivatives data hints at more short positions by FIIs where they have added some fresh short positions in last few days.

                                   Nifty breaks important support, selling seen in defensive sectors

The immediate hurdle for the Nifty is seen around 21950 and a move above that is required for any retracement of the ongoing correction. If the index surpasses this hurdle, then one can expect pullback towards 22020 and 22120. On the other hand, if the index continues this corrective phase, then it can test its next supports which is in the range of 21500-21450 range.

Nifty, Bank Nifty Levels and  FINNIFTY Levels: