Nifty Outlook 10 Mar 2023

Unlike previous couple of sessions, the Nifty witnessed selling pressure right from the opening ticks and it continued to trade with a negative bias throughout the day to end the weekly expiry day below 17600. The BankNifty index witnessed some strength in the initial part of the day, but it too corrected and ended below 41300 with a loss of over three-fourth of a percent.

Nifty Today:

After the recent pullback move, Nifty witnessed some selling pressure on the weekly expiry day to end the day below 17600. The momentum readings on the daily charts continues to be positive but indicated a pullback on the lower time frame charts as there was a negative crossover from the overbought zone. Hence, technically Thursday’s correction seems a pullback and hence it would be interesting to see the follow up move on the last trading session of the week. The broader charts indicate that the price wise corrective phase may be over around the recent swing lows, but the index could be going through a time-wise correction in the short term. During such consolidation phases, markets usually witness selling pressure as they approach the higher end of the range while buying interest is seen on declines near support. Hence, short term traders should look to trade for a range where one should look for buying opportunity on dips near support. The immediate supports for Nifty are placed around 17530 and 17460 while 17800 would be seen as immediate hurdle.

Sluggish weekly expiry session ends on a negative note

Traders should look for stocks which are showing relative outperformance in this consolidation phase and trade with a stock specific approach.

Nifty & Bank Nifty Levels:

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