Nifty Outlook 28 Mar 2023

Nifty Outlook 28 Mar 2023
Nifty Outlook 28 Mar 2023

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

 

Nifty Outlook Graph

 

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

How do you rate this blog?

or

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

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
Account belongs to

By proceeding, you agree to the T&C.

Latest Blogs
Bearer Cheque

Introduction A bearer cheque is an efficient and adaptable financial tool. It is a method of payment where the cheque is made out to the owner or bearer of the document. Bearer cheques enable the holder to cash or deposit the cheque without any requirement for identification or endorsement, in contrast to other cheques payable to a specific person or business.

  • Jun 06, 2023
Best Indicators for Intraday Trading

Introduction Intraday trading, also known as day trading, is a fast-paced trading strategy where traders aim to take advantage of short-term price fluctuations in financial markets. To succeed in this highly competitive arena, traders rely on various best indicators for intraday to make informed decisions and maximize their chances of profitability.

  • Jun 06, 2023
Nifty Outlook for 7 June 2023

Nifty started the day around 18600, but it witnessed selling pressure as the IT stocks corrected sharply and thus the benchmark index traded under pressure. However, the index recovered the losses from the lows towards the end and closed around the opening levels with a negligible loss.

  • Jun 06, 2023

Start Investing Now!

Open Free Demat Account in 5 mins

Enter Valid Mobile Number