Nifty Outlook 28 Mar 2023

Ruchit Jain Ruchit Jain Ruchit Jain 28th March 2023 - 05:12 pm
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Nifty continued its consolidation and traded within a range in Monday’s session. The index witnessed a pullback towards 17100, but it corrected in last hour and gave up the gains to end below 17000 with marginal gains.

Nifty Today:

 

Nifty has been consolidating within a range since mid of the month and there’s no sign of trended move yet inspite of the market approaching the monthly F&O expiry. 16850-16900 continues to be the support while 17100 and 17200 are the resistance levels. FII’s have been on the short side throughout the March series with no signs of short covering yet while Client section have been on the long side and are not unwinding longs. Hence, a breakout in the index beyond the above mentioned levels could the lead to a directional move again. Although the Nifty is locked in a range, the broader markets are witnessing sell-off and thus the Midcap and the Smallcap indices have broken their important medium term supports and are underperforming. 

 

Indices continues its consolidation, selling seen in broader markets

 

Nifty Outlook Graph

 

Thus, traders should be cautious in these space and avoid aggressive trades here until reversal signs are seen. 

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

16850

38950

Support 2

16750

38600

Resistance 1

17100

39800

Resistance 2

17225

40200

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