NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 22 MARCH 2023

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The Nifty had a steady trading day today. It opened positive and consolidated in the first half of the trading session. Buying interest arose in the second half of the session, which helped the Nifty close around the daily highs. Indian equity benchmarks Nifty and Sensex remained in the green after a fairly strong start on Tuesday, led by financials and oil & gas stocks, amid positive moves in global markets as the Credit Suisse bailout gave investors who been hit by strong selling, some relief has come to bank stocks in recent days, although caution has persisted. Global markets, buoyed by a raft of banking sector shielding measures, staged a rebound ahead of the US Federal Reserve's announcement on Wednesday.  Momentum spilled over into domestic stocks led by large cap banks. However, gains were limited by IT stocks, which were on the lookout for cautious transaction gains from the BFSI segment in western markets. Benchmark indices closed positive on March 21st with Nifty above 17100. The Sensex was up 445 points, to 58074, and the Nifty was up 119 points to 17107. We expect the positive momentum to continue in the coming trading sessions. On the hourly charts, we can observe positive divergence along with a positive crossover in the momentum indicator, which indicates a loss of momentum to the downside and will add speed to the current pullback. On the upside, we expect the Nifty to target the 17125-17175 area, which coincides with the previous swing high and 38.2% Fibonacci retracement level of the 17700 pullback. Immediate support stands at the bottom of the down sloping channel 16875 16825.

Resistance: 17125, 17175, 17225

Support: 17050, 17000, 16950