Market Outlook for 07 March 2024

Ruchit Jain Ruchit Jain 7th March 2024 - 06:20 pm
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Markets traded with high volatility in Wednesday’s session wherein the Nifty corrected in the first half of the day along with the broader markets, but the Banking index traded on positive note. However, Nifty too witnessed significant buying interest in last couple of hours and the index rallied sharply to end the day at all-time high with gains of over half a percent.

Nifty Today:

It was a day of high volatility for the markets, but once again the intraday dip witnessed a buying interest by market participants and the Nifty rallied higher to mark a new record high. The index almost tested the 21500 mark as the banking stocks showed strength, while the IT heavyweights too recover from the lows.

The derivatives data indicates short positions outstanding in the index futures segment while the RSI readings are positive and the index has continued the ‘Higher Top Higher Bottom’ structure. This could lead to a short covering of such positions which could lead the indices higher. The immediate support for Nifty is now placed around 22200 while the retracements indicate possible targets around 22700. Thus, traders are advised to continue to trade with a positive bias till the index trades above its support.

                                          Nifty registers new record high amidst high intraday volatility

Nifty Outlook - 07 March 2024

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 22400 47550 20800
Support 2 22300 47350 20700
Resistance 1 22570 48270 21100
Resistance 2 22670 48500 21200

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