Nifty Outlook 17 Mar 2023

Nifty Outlook 17 Mar 2023

by Ruchit Jain Last Updated: Mar 17, 2023 - 09:41 am 1.1k Views
Listen icon

Nifty started the weekly expiry day on a flat note, but it witnessed a continuation of the selling pressure in the first hour and tested 16850 support. The index then recovered from the lows and it gradually entered positive territory. Amidst some volatility in the last hour, Nifty ended the day tad below 17000 with marginal gains.

Nifty Today:

 

Both Nifty ad Bank Nifty witnessed a recovery from the first hour lows in Thursday’s session, and ended with formation of a ‘Doji’ candlestick pattern on the daily chart. In Technical Analysis, this pattern indicates a tug-of-war between bulls and the bears with no directional result towards the end. The high and low of the pattern becomes important points for the following session and hence, 16850 will be seen as the crucial support while 17070 will be the resistance level. The overall trend remains negative but since the FII’s have short heavy positions and the index has approached its multiple support zone around 16850-16900, a pullback move could be there in the near term. However, a confirmation of the same required the above mentioned high to be taken out. On pullback moves, the resistance for Nifty will be seen around 17060 followed by 17175 while on the downside supports are placed around 16850 and 16750.

 

Indices forms ‘Doji’ candlestick pattern indicating pullback attempt

 

Nifty Outlook Graph

 

Traders should look for stock specific action for time being and avoid aggressive trades till the trend reversal confirmation is seen.

 

Nifty & Bank Nifty Levels:

 

Nifty Levels

Bank Nifty Levels

Support 1

16850

38600

Support 2

16750

38350

Resistance 1

17070

39500

Resistance 2

17175

39810

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

By proceeding, you agree to the T&C.

Latest Blogs
India's GDP is growing, did you get an appraisal?

“India will become the third largest economy by 2030”, said a report recently released by S&P Global. People buzzed about this news right away. While other countries are struggling with inflation and recession, India seems to be heading towards economic greatness. According to S&P, India is set to grow by 7 percent in the fiscal year 2026-27 and become the third-largest economy by 2030. 

Stock In Action: Tata Power

Movement of the Day

Unlocking Wealth: Saurabh Mukherjea's Investment Moves

About Marcellus Investment Managers' founder & chief investment officer One can say that the London School of Economics was Saurabh Mukharjea's economics teacher. He earned a first-class honours bachelor's degree in economics as well as an MSc in economics with distinction in macro- and microeconomics.