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TRADING CALLS

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ICICI Direct

OUTLOOK

Published on 18-03-2026 12:26 pm

Intraday Rational:

Trend- Higher high-low formation after bouncing from oversold condition, indicate technical pullback

Levels- Buy around 61.8% of Tuesday upmove(54227-55080)

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ICICI Direct

OUTLOOK

Published on 18-03-2026 12:25 pm

Technical Outlook:

* The index opened on a flat note and witnessed follow-through buying above the previous session’s high. The resulting bullish candle with a higher high-low structure on the daily chart reflects a positive nearterm bias.

* On the expected lines, the index found support at its 100-week EMA (~53,774) a level that has consistently acted as a structural floor since November 2020. The rebound from this support has enabled the index to successfully fill the bearish gap (54,713-54,760) formed last Friday, signalling absorption of overhead supply. Therefore, as long as the index sustains above the 100-week EMA on a closing basis, the possibility of a pullback remains open towards the bearish gap zone of 57,100-57,696.

* Meanwhile, the weekly stochastic oscillator remains in deep oversold territory (~8), suggesting that a relief rally from current levels cannot be ruled out. Thereby one should refrain from aggressive selling from current levels, where in strong support is placed at 53,000, which coincides with the 61.8% retracement of the March 2025-February 2026 up move.

* The Nifty PSU Bank Index formed a bullish candle with a lower shadow, indicating buying interest emerging near recent lows. The index has strong support at 8,100, which marks its previous breakout zone, now acting as support as per the change of polarity principle. This level also aligns with the 61.8% retracement of the Sep2025-Jan 2026 rally

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ICICI Direct

OUTLOOK

Published on 18-03-2026 12:24 pm

Nifty Bank :54876

Bank Nifty closed the session on a positive note, with the Bank Nifty settling at 54876, up 0.8%, while the Nifty PSU Bank Index relatively underperformed up 0.3% respectively

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ICICI Direct

OUTLOOK

Published on 18-03-2026 12:24 pm

Intraday Rational:

Trend- Higher high-low formation after bouncing from oversold condition, indicate technical pullback

Levels- Buy around 61.8% of Tuesday up move(23373-23669)

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ICICI Direct

OUTLOOK

Published on 18-03-2026 12:23 pm

Key Monitorable:

* De-escalation of geopolitical tension

* Cool off in Crude oil prices

* US FOMC Meet

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