NIFTY WEEKLY OUTLOOK FOR 6 MARCH TO 10 MARCH 2023

FOR THE LIVE INTRADAY CALLS JOIN US ON WHATSAPP 9039542248

WEEKLY RESISTANCE FOR NIFTY: 17600, 17700, 17800

PIVOT POINT: 17500

WEEKLY SUPPORT FOR NIFTY:  17400, 17300, 17200

WEEKLY CHART FOR NIFTY

Weakness in global markets led to a dismal start for Indian equities, with the benchmark testing the budget's daily low to daunt market sentiment. However, in the penultimate hour, some bout of buying off the lows led to a modest rebound in Nifty. Amid all the hustle and bustle, on February 27, 2023, the leading index closed down 0.42% in red for the seventh day in a row. On February 29, our market started on a flat note, following the positive global cues and climbing inch by inch at the opening bell at. But soon after, a sell-off was triggered that gradually dragged the index below Monday's low, indicating the strength of the bears on higher ground. With the intense sell-off day, Nifty continued its selling streak for the eighth straight day and settled slightly above the 17300 level with another 0.51% drop. The Indian stock market ended its selling spree and recovered slightly on March 1, 2023. The benchmark index started the session on a positive note and remained on the uptrend throughout the day. The bulls showed their presence after the sharp correction of eight straight sessions, lifting market sentiment. The Nifty closed near the daily high, raising nearly nine-tenths of a percent and settling around the 17450 level. Our market began the weekly expiration session on Thursday, March 2, 2023 on a somber note, aligning with the SGX Nifty, and shortly after the opening bell, the benchmark index fell to lower terrain. The Bears once again tightened their grip and showed strong resilience, swelling the Nifty. In the second half, another round of sell-offs dragged the index below the previous days' lows, dampening sentiment. After all the hustle, Nifty ended the day in red down 0.74 percent and settled just above the 17300 level. Markets staged a strong recovery on Friday 3 march 2023, gaining over a percent and a half, following supportive global signals. After the gap-up start, the Nifty index gradually increased throughout the session, eventually settling at 17,594.

NIFTY BANKNIFTY: STRONG SUPPORT& STRONG RESISTANCE LEVEL

On the top end, the Nifty can rally higher once it moves above 17650; on the upper end, resistance is seen at 17800. On the lower end, support is visible at 17450.

TECHNICALLY SPEAKING

The short-term trend remains negative as the index closed below the critical short-term moving average. The momentum oscillator RSI is in a bullish crossover on the daily timeframe. On the index front, Nifty has the long-term moving average hurdle, i.e. 200 EMA, breached but sustainability would be crucial for further recovery. In the meantime, we reiterate our view that we will focus on overnight stock selection and risk management. Looking at the daily charts, we can observe that the Nifty is in a pullback mode and has currently retraced 38.2% of the fall from 18134 to 17255. We believe this is the case. This pullback rally has more steam and can therefore extend up to 17700 where resistance comes in the form of the 50% Fibonacci retracement level (17690) and the 20-day moving average ( 17700) is placed. Consolidation cannot be ruled out given the strong upward movement in today's trading session. Overall, we expect the Nifty to trade in the 17700-17200 range in the near term.