Nifty Outlook 28 Mar 2023

Market Outlook

by Ruchit Jain Last Updated: Mar 28, 2023 - 05:12 pm 513 Views

Nifty continued its consolidation and traded within a range in Monday’s session. The index witnessed a pullback towards 17100, but it corrected in last hour and gave up the gains to end below 17000 with marginal gains.

Nifty Today:

Nifty has been consolidating within a range since mid of the month and there’s no sign of trended move yet inspite of the market approaching the monthly F&O expiry. 16850-16900 continues to be the support while 17100 and 17200 are the resistance levels. FII’s have been on the short side throughout the March series with no signs of short covering yet while Client section have been on the long side and are not unwinding longs. Hence, a breakout in the index beyond the above mentioned levels could the lead to a directional move again. Although the Nifty is locked in a range, the broader markets are witnessing sell-off and thus the Midcap and the Smallcap indices have broken their important medium term supports and are underperforming.

Indices continues its consolidation, selling seen in broader markets

Thus, traders should be cautious in these space and avoid aggressive trades here until reversal signs are seen.

Nifty & Bank Nifty Levels:

	Nifty Levels	Bank Nifty Levels
Support 1	16850	38950
Support 2	16750	38600
Resistance 1	17100	39800
Resistance 2	17225	40200

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About the Author

Ruchit Jain

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.

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