Nifty Outlook 10 Mar 2023

Nifty Outlook 10 Mar 2023
Nifty Outlook 10 Mar 2023

by Ruchit Jain Last Updated: Mar 10, 2023 - 10:32 am 1.1k Views
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Unlike previous couple of sessions, the Nifty witnessed selling pressure right from the opening ticks and it continued to trade with a negative bias throughout the day to end the weekly expiry day below 17600. The BankNifty index witnessed some strength in the initial part of the day, but it too corrected and ended below 41300 with a loss of over three-fourth of a percent.

Nifty Today:


After the recent pullback move, Nifty witnessed some selling pressure on the weekly expiry day to end the day below 17600. The momentum readings on the daily charts continues to be positive but indicated a pullback on the lower time frame charts as there was a negative crossover from the overbought zone. Hence, technically Thursday’s correction seems a pullback and hence it would be interesting to see the follow up move on the last trading session of the week. The broader charts indicate that the price wise corrective phase may be over around the recent swing lows, but the index could be going through a time-wise correction in the short term. During such consolidation phases, markets usually witness selling pressure as they approach the higher end of the range while buying interest is seen on declines near support. Hence, short term traders should look to trade for a range where one should look for buying opportunity on dips near support. The immediate supports for Nifty are placed around 17530 and 17460 while 17800 would be seen as immediate hurdle.


Sluggish weekly expiry session ends on a negative note


Nifty Outlook Graph


Traders should look for stocks which are showing relative outperformance in this consolidation phase and trade with a stock specific approach.


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2



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About the Author

Ruchit Jain is Lead Research Analyst at 5paisa. He has a vast experience of 14 years in this field and is proficient in Technical and Derivatives Research. He has completed his CMT (U.S.A.) and has done Masters in the field of Finance at Mumbai University.


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.India consu
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