NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 17 MARCH 2023

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Domestic stocks ended their five-day dry spell after the Swiss National Bank agreed to provide financial support to Credit Suisse Group. Nifty opened on the upside but experienced a roller coaster ride throughout the session to finally end with a marginal 13 point gain at 16986 levels. Fresh worries about the failure of Credit Suisse have fueled fears about how entrenched the banking crisis could become. Its ripple effect can be seen in global markets including India. Nifty is down ~4% over the past six trading sessions. We expect weakness to continue in the near term ahead of today's ECB meeting and next week's Fed meeting. Commentary on the ongoing turmoil in the financial sector would be crucial for markets. We expect oil distributors, cement and paint stocks to remain in the spotlight as Brent crude prices fell to a 15-month low of $73/bbl. The market ended Thursday's volatile session in positive territory but despite several attempts, Nifty failed to settle above 17000. The index rose 13 points to 16985 and Sensex climbed 79 points to 57634. ​​Bank Nifty rose 81 points to 39132. The top gainers on the Nifty were BPCL, Hindustan Unilever Asian Paints, Nestle India and Titan, while the Losers were Hindalco, Tata Steel, IndusInd Bank, JSW Steel and HDFC Life. The Nifty found support at the lower band of the falling channel before moving higher. A leggy doji pattern has formed on the daily chart, indicating indecisiveness. Also, the index has found support around previous congestion. In the short term, the stock should move towards 17200. On the lower end, the closing base support at 16900 is visible.

Resistance: 18200, 18300, 18400   

Support: 18100, 18000, 17900