NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 15 MARCH 2023

FOR THE LIVE FUTURE & OPTION CALL PUT TIPS WHATSAPP ON 9039542248

Domestic indices experienced a roller coaster ride amid ongoing global uncertainty. Nifty opened flat but soon experienced selling pressure. Nifty drifted below the 17,000 zone for a brief moment during the day, almost after more than 4 months it was last below 17,000 on October 13, 2022. Nifty ended the day down 111 (-0.7%) at 17043. The only positive factor today was the WPI data for Feb. 23, which came in at 3.85%, a 25-month low. Except for pharmaceuticals, all sectors ended in red. The Nifty saw a volatile trading session today. It saw strong swings in both directions, eventually ending down 111 points for the day in the red. It is the fourth consecutive negative close for the index. It corrected around 800 points during this period, so a recovery rally cannot be ruled out. Selling continued as the level of uncertainty surrounding US banks decreased on supportive measures announced by the US Federal Reserve. The underlying problem of the market is high interest rates, which will continue to wreak havoc on the global economy. Yields will take some time to adjust to the long-term trend given tightening monetary policy and high inflation. Monetary policy shift from tightening to neutral will ease concerns for long-term investors. The Momentum indicator has a negative crossover which is a sell signal and as prices are trading along the expanding lower Bollinger Band it suggests the decline is likely to continue. The preferred strategy for trading Nifty would be to sell on a rise around the 17200-17100 zone. On the downside, we expect the Nifty to target levels of 16900 where the bottom of the down sloping channel is placed. On the upside, 17350-17500 where the 40 hourly moving average is placed should serve as the immediate hurdle zone from a short-term perspective.

Resistance: 17200, 17250, 17300

Support: 17150, 17100, 17050