NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 30 MARCH 2022

Type	R1	R2	R3	PP	S1	S2	S3
Classic	17303	17384	17534	17153	17072	16922	16841
Fibonacci	17241	17296	17384	17153	17065	17010	16922
Camarilla	17243	17264	17285	17153	17200	17179	17158

 The market ended near the daily high with Nifty closing comfortably above 17300 led by Pharma, Real Estate and Capital Goods. At the close, the Sensex was up 350 points to 57943. The index traded in a 17000-17400 range on the 8th day of trading as the index opened on a green note but hit an intraday low at 17235 and the session at 17325 finished stage with a gain of 103 points. Bank Nifty closed the session at 35847. Markets ended bullish with the broader indexes up 0.60%. This was done in hopes of a positive outcome in peace talks between Russia and Ukraine. The drop in oil prices also supported the market. However, rising inflation, the rise in crude oil prices and the US Federal Reserve's rate hike need to be taken into account. This can affect the market in the short term. However, over the longer term, markets will do well and we recommend sticking with the buy-on dips strategy at large levels. Technically, the Nifty50 is trading near the resistance levels and above the 50-day simple moving averages suggests further strength. The index has confirmed the hammer candle on a daily chart, confirming the strength of the counter. However, momentum indicator STOCHASTIC is seen trading with a positive crossover on daily charts, suggesting upward movement. Additionally, the index managed to close above 21-HMA, a sustained above it may indicate a northerly direction.The Nifty could find support around 17,000 while 17,500 on the upside could serve as an immediate barrier for the index. On the other hand, Bank Nifty has support at 34473 levels while resistance at 36736 levels. For Nifty 17072 will act as a very strong support, if this level breaks then 16922 will be the next strong support after the market might take support at the 16841 level. On the upside 17303 will be a strong resistance, if this level is broken the next hurdle will be 17384, after that 17534 will act as a strong resistance level.

Resistance: 17,303 17,384 17,534

Support: 17,072 16,922 16,841