Nifty Outlook for 29 Mar 2023

Nifty Outlook 29 Mar 2023
Nifty Outlook 29 Mar 2023

by Ruchit Jain Last Updated: Mar 29, 2023 - 10:50 am 1.6k Views
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Nifty continued its consolidation ahead of the expiry day and traded within a narrow range. Nifty ended the day around 16950 with a marginal loss, while the Bank Nifty index showed a relative outperformance and ended with marginal gains.

Nifty Today:


It’s been 11 trading sessions where we have seen a narrow trading range in Nifty. On pullback moves , 17200 has been acting as a resistance and the 20 DEMA too is now around this level. Hence, the near term trend remains sideways to negative till the index trades below this hurdle and a breakout above the same is required for any significant pullback move. FII’s continue to hold significant short positions in the index futures but they have shown initial signs of short covering as they have trimmed some of their short positions on Monday which were short heavy. A move above 17200 could then lead to a short covering move by these stronger hands. However, one should not pre-empt and rather see whether they cover their shorts further or rollover these positions. On the other hand, 16850-16900 is the immediate swing low support for the index. If Nifty breaks this level, then 16750 could be seen. As of now, the short term trend will change only above 17200 and hence traders should look for buying opportunities only on a breakout above the same.


Market consolidating in a range since 11 sessions, 17200 crucial hurdle


Nifty Outlook Graph


The Midcap and the Small cap stocks are witnessing sharp sell-off as both the indices had breached their important supports during last week. For the Nifty Midcap100 index, the weekly 89 EMA support is placed around 28900 and it needs to be seen if the index shows any reversal sign there.


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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