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The market ended higher on March 6th Monday for the second straight session with Nifty above 17700. At the close, the Sensex was up 415 points to 60224 and the Nifty was up 117 points to 17711. The main concern for the market over the past few weeks has been fear of aggressive Fed policy action, which has caused Treasury yields and the US dollar to rise, as well as the uncertainties surrounding Adani. All of this has now shifted in the bulls' favor as US officials reduced the likelihood of a sharp rate hike, forcing yields and the dollar index to moderate.Market sentiment improved on the back of bulk overseas trading at Adani, the oversold streak in the domestic market and FII buying helped fuel the recovery.

After opening a gap at 17,680, Nifty continued to climb and closed the gap area between 17750 and 17800 created on February 21-22, 2023. The 50-day SMA is 17800 , while the 20-day SMA is 17,650. For further strength, Nifty must move decisively past 17,811 levels. Above 17800 the gate will open briefly for 17850 -17950. Only a decisive break of 17700 levels with a short-term switch from up to down and then Nifty could slide sharply towards 17500 levels. The Bank Nifty index saw some selling pressure from higher levels but the broader trend remains bullish and a buy-on-dip approach should be retained. Index lower support is at 41,000, where the highest open interest is building on the put side, and upside resistance is at 42,000. The index is likely to trade in this range for the next few trading sessions.