Nifty & Bank Nifty Weekly Outlook by Choice Broking Ltd
Indian equity indices extended their rally for the fifth consecutive session on March 21, with Nifty crossing 23,400 intraday, led by broad-based buying. The Sensex closed 557.45 points higher at 76,905.51, while Nifty gained 159.75 points to settle at 23,350.40. For the week, both indices surged over 4%, marking their best weekly gain in four years.
On the weekly chart, Nifty has broken out of a falling trendline and formed a strong bullish candle at the 23,400 level, aligning with the 1.618 Fibonacci extension. A sustained move above 23,000 could drive the index toward 24,000 and 24,500 in the short term, with any dips presenting buying opportunities.
RSI has reversed strongly from the oversold region and is trending upward, confirming strengthening momentum. Additionally, Stochastic RSI shows a positive crossover, and the price is trading above the 20, 50, and 100 EMAs, reinforcing the bullish outlook.
Meanwhile, India VIX declined 5.31% to 12.5750, indicating reduced market volatility. Open Interest (OI) data suggests resistance at 23,600 and 24,000, while 23,000 acts as strong support. A breakout above 23,400 could accelerate further gains, and traders should watch key levels for confirmation of the next trend direction.
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