IGI Logo

Below the Quote on Post-market comment by Mandar Bhojane, Research Analyst, Choice Broking

Indian equity markets ended on a strong note, with the Nifty closing above 22,500 on March 17. At the close, the Sensex gained 341.04 points or 0.46% to settle at 74,169.95, while the Nifty advanced 111.55 points or 0.50% to 22,508.75. 

The Nifty opened with a gap-up and sustained above the 22,600 level, which is also above its 20-day EMA, forming a strong bullish continuation pattern. The index has rebounded from the strong demand zone near 22,000, making higher highs and higher lows with significant volume, signaling the continuation of an uptrend. RSI stands at 53.99 and is trending upwards, further strengthening the bullish sentiment. As per Fibonacci extensions, the Nifty is currently trading in its third wave, with potential targets of 23,000 and 23,400 in the coming sessions. The overall market structure indicates a bullish reversal. 

All sectoral indices closed in the green, with notable gains of 2-3% in auto, capital goods, consumer durables, metal, power, realty, and media stocks. The BSE Midcap and Smallcap indices also surged over 2% each.

Meanwhile, India VIX declined by 1.53% to 13.21, making a low of 11.3425 and closing near its opening level, suggesting a stable volatility environment. Open Interest (OI) data highlights strong resistance at 23,000 and 23,400 on the call side, while the 22,300 put strike provides a key support zone. The broader market outlook remains positive, and a breakout above 22,600 could lead to further upside momentum. Traders should keep a close watch on key levels for confirmation of the next trend direction.

Above views are of the author and not of the website kindly read disclaimer