Market View: On March 18 today, Bulls strengthened its support for Nifty 50. This not only overtook the index short-term moving averages (10 and 20-day EMAs), but also helped in breaking the consolidation zone of the last seven sessions and denying the lower high-loar low formation. In addition, the index also closed decisively above the midline of the Bollinger band. This is a positive sign. The next resistance for the index is seen on 22,900 and 23,000. Crossing these jones can open doors for 23,200-23,400 for the index. However, experts say the support in the index has now increased by 22,550-22,500. Nifty opened with a gain of over 150 points and remained above 22,600 during the entire session. With the day climbing, the index continued its journey and touched the Intrade High of 22,858. The index then closed at 22,834 with a gain of 326 points (1.45%). It was its biggest single day lead after February 4. The Banchmark index created a long bullish candlestick pattern on the daily chart. It crossed the important overhead resistance around the level of 22,700-22,800. It completely filled the Bearish gap seen from 24 February. How can NIFTY’s move to the NIFTY’s move to the 3rd of February, NIFC Securities’s Nagraj Shetty said, “This is a positive indication.” Therefore, after going up rapidly from resistance, we can expect the Nifty to move towards the next resistance level of 23,100–23,200 in the next few sessions. The immediate support is at the level of 22,700. There is a maximum call open interest, while support is being seen at the level of 22,500. Srikanth Chauhan of Kotak Securities also believes that short -term market Outlook bullish is seen. But he advised that for Day Traders, buying and selling on intraday correction would be an ideal strategy. How can the trickbank Nifty of Bank Nifty also be decisively represented by a long bullish candlestick formation on the daily timeframe after the gap-up opening. The index not only closed above the middle line of the bowlinger band, but also reached the upper end of the Bollinger band. It crossed 20 and 50-Day EMA. It closed at 49,315 with a gain of 960 points or 1.99%. It saw the biggest single day lead since November 25, 2024. Anshul Jain of Lakshmishri Investments said, “Bank Nifty is moving towards our target of 49,800 consecutively, which we have maintained since last week. The index touched 50-day EMA and closed at 49,250. It is likely to get a strong support towards 49,000. The volatility index, the final tick stayed in the lower zone and below all the major moving averages. It fell 1.53% to 13.21 zone. These zones have been continuously providing convenience for stunnings. (Disclaimer: Ideas and investment advice on Moneycontrol.com have their own personal views and opinions. Moneycontrol advises users to consult a certified expert before making an investment decision.)
