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Published on 23/03/2023 10:24:45 AM | Source: Angel One Ltd

Bank Nifty began positively, but after the initial gains, the prices remained stagnant within a range, lacking significant momentum - Angel One Ltd

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Sensex (58215) / Nifty (17152)

We started off on a positive note and in the initial trades, Nifty retested the 17200 mark; courtesy to extended relief move in US markets. However, we couldn’t capitalize on to this head-start as key indices slipped into a consolidation mode thereafter. Despite flirting with positive and negative terrain for a major part of the session, the last hour buying pushed Nifty slightly above 17150 to conclude with nearly three tenths of a percent gains. Although, we had all the necessary ingredients yesterday morning to break the shackles, the market participants looked a bit watchful ahead of key global event i.e., FED policy. As of now, the sacrosanct support zone of 16900 – 16800 has proved its significance. Hopefully, there is no aberration from this event which would certainly augur well for the bulls. Considering the bullish scenario, we may see Nifty surpassing the strong resistance zone of 17150 – 17240, which would uplift the overall market sentiments. In this case, 17320 – 17450 are the next levels to watch out for. However, the unfavorable outcome would pour complete water on last two sessions of recovery to challenge the crucial swing low of 16850. Before this, the psychological level of 17000 is likely to provide some cushion to the corrective move.

Nifty Bank Outlook (39999)

Bank Nifty began positively, but after the initial gains, the prices remained stagnant within a range, lacking significant momentum. Eventually, the bank index closed near the opening levels, with gains of about 0.26%, slightly below 40,000. Despite a decent rebound in prices due to oversold conditions in recent sessions, the momentum has not been very encouraging, as the bulls have not been dominant. Traders appear to be cautious ahead of the FED policy announcement, and today's post-policy movement could set the tone for the next phase of the move. If positive developments occur on the global front, prices could rise towards the 40,500-40,800 levels. However, if negative outcomes arise, weakness could lead to a drop towards 39,300-39,000. Traders need to monitor these developments and avoid undue risks, as volatility may be high.

 

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