Continuing the positive momentum of the recent session, Nifty opened with a big upward gap. However, the index could not be built on the basis of initial profits. The 16800 level acted as a solid barrier. The Benchmark Index closed at a high price in three consecutive sessions on March 10, supported by buying between sectors. Finally, the Sensex rose 817 points to 55464, and the Nifty rose 249 points to 16594. Market optimism was facilitated by the prospect of favorable results from negotiations between Russia and Ukraine. Another promising development was made by the UAE, a member of OPEC +, as it said it would help inject oil into markets where supply shortages are occurring due to US sanctions on Russian oil. If OPEC + countries agree to increase production, crude oil profits may be limited in the next session. BJP's strong move in the state elections has been added to the bullish sentiment. Investors should continue to pay attention, as geopolitical impasses remain unpredictable, but may consider buying stock for long-term goals.
The benchmark index Nifty maintained an upside gap during the day, suggesting the presence of strength throughout the day. However, on the higher end, it found resistance at the upper band of the declining channel. Over the near term, the market may remain sideward as long as Nifty remains below 16750. A decisive move above 16750 may induce a rally towards 17000 and higher. On the lower end, support is visible at 16400. On the technical front, immediate support and resistance in the Nifty are 16,200 and 16,800. For the Bank Nifty, immediate support and resistance are at 33,500 and 35,500. Technically, Nifty has covered the gap and bounce from the 89-HMA which suggest bounce back in the counter. On the Four-Hourly Chart, the index has formed a Hammer Candlestick pattern which points out northward direction in the counter. Moreover, the index has given closing above 21 & 50 HMA which adds strength to the price. Momentum indicator is trading with a positive crossover which adds strength for the next day. At present, the index has support at 16400 levels while resistance comes at 16900 levels. On the other hand, Bank Nifty has support at 33700 levels while resistance at 35000 levels.
Resistance: 16450, 16550, 16650
Support: 15850,
15750, 15650
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