Nifty Outlook 9 March 2023

Nifty Outlook 9 Mar 2023
Nifty Outlook 9 Mar 2023

by Ruchit Jain Last Updated: Mar 09, 2023 - 11:36 am 1.2k Views

The U.S. markets corrected as we had a mi-week holiday and hence the global cues were negative for us at the start of the day. Our markets opened marginally negative but it shrugged off the global cues and witnessed buying interest on decline. The Banking space outperformed and hence Nifty managed to close above 17750 with marginal gains.

Nifty Today:


Inspite of the negative global cues, our markets managed to perform well as the indices recovered from the lows and the outperformance in the Banking index continued. The overall market breadth was too positive which is a sign of buying interest in the broader market. Technically, the momentum readings on both Nifty as well as Bank Nifty are in ‘Buy Mode’ which is a positive sign. The FII’s have started short covering in the F&O segment wherein they have covered some of their short positions in last couple of trading sessions and their Long Short Ratio has improved from 15 percent to around 26 percent now.

They have been net buyers in the cash segment too in this month so far. With the momentum changing, we believe the price wise corrective phase is over for the market and it should be now seen as a ‘Buy on dip’ market where declines should be used as a buying opportunity. The immediate hurdle for Nifty is around 17880-17900 which is the 38.2 percent retracement level of the recent corrective phase.


Market shrugged off the global cues and witnessed buying interest at lower levels


Nifty Outlook Graph


A breakout above the same could then lead to a continuation of the momentum towards 18070 which is the 50 percent retracement mark. However, since this upmove on the lower time frame chart seems to be an impulsive move, any correction if seen from the above mentioned range should just be read as a pullback and buying opportunities should then be seen on declines. The immediate support range for Nifty is placed in the range of 17600-17500.


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.


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