Weekly Market Outlook for 26th March to 29th March

Ruchit Jain Ruchit Jain Ruchit Jain 26th March 2024 - 11:05 am
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In the week gone by, our markets initially corrected and almost tested 21700 mark during mid-week. However, the up move in the global markets post the FED policy outcome led to a recovery in our markets too and Nifty ended the week around 22100 with marginal gains week-on-week.

Nifty Today:

Nifty witnessed a pullback move in last couple of sessions, mainly because of the up move in the global markets post the FED policy decision. Our markets had already seen a correction ahead of this event and the momentum readings were oversold on the lower time frame charts. Thus, this event became a trigger for the pullback which is usually seen from such oversold zone. Now, the hourly readings are positive but the daily readings have not yet given a positive crossover.

Hence, as of now we read this upmove as a pullback only; also since FIIs still have majority of the positions on the short side its still early to say that the corrective phase is over and the markets have bottomed. The 61.8 percent retracement of this recent correction is around 22220 which would be the important resistance level. On the lower side, 21850-21800 is the immediate support zone. A move beyond these boundaries would then lead to a directional move in the near term. Although, some of the stocks from the broader markets have started witnessing a good price volume action and thus traders should take a stock specific approach and look to trade in such outperforming counters.

                                   Global markets momentum led to pullback move in Nifty too

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 21930 46630 20680
Support 2 21800 46400 20590
Resistance 1 22220 47050 20870
Resistance 2 22350 47200 20950

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