Nifty Outlook 15 Mar 2023

Nifty Outlook 15 Mar 2023
Nifty Outlook 15 Mar 2023

by 5paisa Research Team Last Updated: Mar 15, 2023 - 10:54 am 1.2k Views
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Continuing with the previous day’s correction, our markets continued its downmove post a flat opening and the Nifty even sneaked below the 17000 mark during the day. It recovered marginally and ended the day tad below 17050 with loss of over 100 points.

Nifty Today:


Our markets have faced tremendous selling pressure in last few trading sessions as the negative global news flows have dampened the sentiment of traders. Both Nifty as well as Bank Nifty has breached its previous swing lows while the Nifty Midcap 100 is again back towards its previous swing low support zone of 29900-30000 from where it had managed to recover four times in last six months. The FII’s continue with their short positions in the index futures segment where they have about 84 percent positions on the short side. However, Nifty has approached its support zone at the lower end of the Channel. Also the retracement support and the weekly ’89 EMA’ is placed around 16920-16820 and the momentum readings on the lower time frame chart have entered the oversold zone. If we compare the swing lows and the RSI oscillator on the daily chart, then it is seen that although Nifty has broken its previous low support, the oscillator hasn’t yet indicating probability of a divergence going ahead. The above data and the chart structure indicate possibility of a pullback move in the near term from the support range of 17000-16820.


Nifty tests 17000 mark; approaches crucial support 


Nifty Outlook Graph


Hence, traders should keep a close watch on this range and trade with proper risk management. On the flipside, immediate resistances on pullback moves will be seen around 17220 followed by 17350 in the near term.


Nifty & Bank Nifty Levels:


Nifty Levels

Bank Nifty Levels

Support 1



Support 2



Resistance 1



Resistance 2



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