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Daily Technical View on Nifty

* Nifty snapped a two day rise on March 20 and closed in the negative, though after witnessing a sharp rebound from the afternoon lows.

* Broad market indices fell more than the Nifty reflecting higher panic among non-institutional players.

* Nifty has formed a bullish hammer on daily charts after forming two “doji” candlesticks, hinting at possibility of an upward reversal.

* As any bear market could have pullback rally, we can expect the same from Indian indices too.

* Nifty index has witnessed a fall of almost 11% from the all-time high of 18887 registered in Dec 2022.

* Indices have been forming lower top and lower bottom formation on the charts, which indicates bearish trend on longer time frame.

* However, we cannot rule out the possibility of pullback in the short term.

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