Nifty Outlook 21 Mar 2023

Nifty Outlook 21 Mar 2023
Nifty Outlook 21 Mar 2023

by 5paisa Research Team Last Updated: Mar 21, 2023 - 04:07 pm 580 Views

Taking cues from the global markets, Nifty started Monday’s session with a gap down and corrected during the day to breach last week’s low of 16850. However, the index recovered from the lows in the last half-an-hour to end the day tad below 17000 with a loss of over 100 points.

Nifty Today:


On back of global markets uncertainty, our market has also been witnessing some selling pressure. However, the index is trading near a crucial support zone of 16850-16750 as we can see multiple support levels in this range. Firstly, it coincides with the support end of a falling channel, then 100 percent extension of the previous correction is around 16900, the ’89 EMA’ support on the weekly chart is in this range and the previous swing low support of September 2022 is also in this range. Now, if we look at the daily chart, the Nifty has formed two doji candles towards end of last week and have formed a ‘Hammer’ candlestick pattern in Monday’s session. This indicates that bulls are trying to defend this zone and may like to lift the market higher from this level. However, the FII’s have record short positions in the index futures with 90 percent positions on the short side, and their short covering (whenever happens) will be the trigger for the pullback. So one should keep a close tab on this data and look for cues for the near term directional move. On the higher side, 17150-17225 will be the immediate resistance range on pullback moves and a breakout above this is required for the momentum to change.


Nifty trades around crucial support zone, looking for cues from global news flows


Nifty Outlook Graph


Trader should look for stock specific trading opportunities and look for cues from the global markets as news flows from the globe is driving the trader’s sentiments at the moment.


Nifty, Bank Nifty Levels and FINNIFTY Levels:


Nifty Levels

Bank Nifty Levels

           FINNIFTY Levels 

Support 1




Support 2




Resistance 1




Resistance 2




How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


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
Account belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Nifty Outlook for 6 June 2023

After a gap-up opening, the nifty index traded higher throughout the day and settled at 18593.85 levels with a 60 points gain. While, Banknifty inched up by 0.37%, and closed at 44101.65. On the sector front, Nifty Auto & Media has contributed more than 1% gains, followed by the Metal and Commodities indices. While PSUBANK, FMCG & IT dragged slightly for the day.

  • Jun 05, 2023
How to Protect Demat Accounts from Fraud

Introduction In today's digital age, knowing how to protect a demat account from fraud is crucial. An electronic repository for retaining your securities, a demat account is susceptible to many forms of fraud and online threats. However, you can protect your demat account and lessen the risk of fraudulent actions by taking crucial precautions.

  • Jun 04, 2023
How To Make ₹50 Lakh in 5 Years

Introduction A person starts investing with a sizable financial objective, but whether they can create that much money is always questionable. The goal is to become wealthy - a billionaire numerous times over. Making 50 lakhs in 5 years may seem to be an impossible feat, but it is not. Anyone may accomplish important financial objectives with appropriate preparation and dedication.

  • Jun 04, 2023

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number