NIFTY WEEKLY OUTLOOK & TRADING TIPS FOR 21 MARCH TO 25 MARCH 2022

Type	R1	R2	R3	PP	S1	S2	S3
Classic	17,034	17,438	18,120	16,353	15,948	15,267	14,862
Fibonacci	16,767	17,024	17,438	16,353	15,938	15,682	15,267
Camarilla	16,729	16,829.	16,929	16,353	16,530	16,431	16,331

 WEEKLY CHART FOR NIFTY

Type	R1	R2	R3	PP	S1	S2	S3
Classic	17,029	17,083	17,179	16,933	16,879	16,783	16,729
Fibonacci	16,991	17,026	17,083	16,933	16,876	16,840	16,783
Camarilla	16,989	17,002	17,016	16,933	16,961	16,947	16,934

DAILY CHART FOR NIFTY

The Indian stock market started the shortened week with optimism, which followed the positive Asian stock markets. The market gradually gained some momentum as buying sentiment increased across the board and continued to rally throughout the day. The benchmark Nifty50 index was up nearly 1.45% to end the day in green, just below the 16900 level. Our market started Tuesday subdued, taking cues from the mixed global bourses. The benchmark index resisted the march into the unfilled gap, seeing lackluster movement for the first few hours. In the second half, strong gain booking dragged the index over 1.23 percent to end the day in red, just above the 16650 level. The Indian stock market started Wednesday's session with a gap-up open amid of the positive global signals. The benchmark index stayed in a narrow range for most of the session before turning into strong buying in the penultimate hour. The broad-based buying has spilled some bullish sentiment on the stock markets, with the Nifty50 index ending the day up 1.87 percent in the green, just below the 17000 mark. On Thursday, benchmark indices celebrated Holi with a gain of 2% on March 17th, even after the Fed hiked interest rates. At the end of the trading week, the Sensex was up 1047 points to 57863 and the Nifty was up 311 points to 17287. Positive global signals following the Fed rate hike, softening oil prices and progress in Russia-Ukraine talks boosted bulls' confidence as benchmark indices gained over 2% in afternoon trade.

NIFTY: A STRONG SUPPORT WILL BE @ 16500; STRONG RESISTANCE LEVEL SEEN @ 17500

The recent rebound has certainly eased some pressure, but ongoing geopolitical tensions coupled with a surge in COVID cases in China will continue to keep participants on their toes. On the index front, sustainability above 17300 would pave the way for the 17500-17700 zone. In the event of a dip, the 17000 to 16800 zone would act as a buffer. Participants should focus on sectors/stocks showing resilience and adjust positions accordingly.

TECHNICALLY SPEAKING

On the technical front support for Nifty has now shifted from 16800 to 17000 and as long as the index holds the 17k level the uptrend wave will continue to 17450 and could take the index as high as 17600. However, 17000 could be the sacrosanct support level for Nifty and just below that, Nifty could reach levels of 16900-16800.