Nifty Outlook 24 Mar 2023

Nifty Outlook 24 Mar 2023
Nifty Outlook 24 Mar 2023

by Ruchit Jain Last Updated: Mar 24, 2023 - 10:46 am 604 Views

Nifty started the weekly expiry day marginally negative below 17100 as hinted by the SGX Nifty. However, the index recovered from the lows gradually and rallied upto 17200 during the day. But it was not over yet, the typical last half an hour volatility on the expiry day resulted in a sharp down move towards the end, and Nifty ended the day below 17100 with a loss of about half a percent.

Nifty Today:


Market participants were waiting for the outcome of the FED meeting and its impact on the global markets. The U.S. markets witnessed sharp correction on Wednesday, but our market showed resilience and recovered from the opening lows. However, both Nifty and the Bank Nifty index were unable to surpass their hurdles and witnessed a sell-off towards the end. In last one week, Nifty has traded within a range where it has witnessed selling pressure near 17200-17225 range. This acted as a resistance again and the Nifty Bank index resisted at its ‘20 DEMA’. Until the indices now surpass these highs, the near term momentum remains weak as FIIs still have short heavy short positions and seem not willing to cover them. Hence, traders should be cautious in pullback moves and until we see short covering by the FII’s, one should avoid aggressive long formations. 


Markets witnessed selling pressure on pullback move on expiry day


Nifty Outlook Graph


For the near term, immediate support for Nifty is placed around 17000 followed by recent swing low of 16900-16850 range while resistances are seen around 17225 and 17300.


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.

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