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
Listen icon

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

17530

41090

Support 2

17460

40920

Resistance 1

17720

41540

Resistance 2

17800

41825

How do you rate this blog?

or

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

oda_gif_reasons_colorful

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.

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.India consu
Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Weekly Outlook on Copper - 01 December 2023

Copper prices saw a modest 0.33% gain, reaching 722 on Thursday, as worries about a slowdown in Chinese manufacturing loomed large. The November's NBS Manufacturing PMI slipped to 49.4, the second consecutive monthly decline, heightened concerns, emphasizing the need for additional government support to fortify China's economic growth. The NBS Non-Manufacturing PMI at 50.2, reflecting the 11th month of service sector expansion, hinted at a softer pace.

Swing Trading Stocks: Week of 04 December 2023

Swing Trading Stocks for the Week

Weekly Market Outlook for 04 December to 08 December

Our markets started the truncated week on a positive note and it rallied higher throughout the week. The first day of the December month infact witnessed a new record as the Nifty surpassed its previous high and ended in uncharted territory above 20250 with weekly gains of almost two and a half percent.