Market Outlook for 07 March 2024

Ruchit Jain Ruchit Jain 7th March 2024 - 06:20 pm
Listen icon

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

How do you rate this article?

Characters remaining (1500)

Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.

Get 100 trades FREE* with the code "FREEPACK"
Resend OTP
Please Enter OTP
By proceeding, you agree T&C*
Mobile No. belongs to

Market Outlook Related Articles

Market Outlook for 28 May 2024

by Ruchit Jain 28/05/2024

Weekly Market Outlook for 27 M...

by Ruchit Jain 27/05/2024

Market Outlook for 24 May 2024

by Ruchit Jain 24/05/2024

Market Outlook for 23 May 2024

by Ruchit Jain 23/05/2024

Market Outlook for 22 May 2024...

by Ruchit Jain 22/05/2024