Nifty Outlook 28 Mar 2023

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

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

Nifty & Bank Nifty Levels:

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