Nifty Spot View: 09/03/2023
Cmp: 17754.40
Support & Downside Range: 17693--17645
Resistance & Upside Range: 17810-17840-17875--17950
Short Term Trend Reversal Level: --
Trading View: In today's weekly expiry trading session key level to watch is 17693 spot levels if this level gets breach then ahead of expiry bias goes sideways and options writers might go heavy on market whereas if 17693 manage to hold then we may move upside towards minimum 17810 to
17840 spot levels and max 17875 to 17950 spot levels.
Bank Nifty Spot View For: 09/03/2023
Cmp: 41577.10
Support & Downside Range: 41456-41333--41180
Resistance & Upside Range: 41715-42015--42225
Short Term Trend Reversal Level: -- 39600
Trading View: In today's trading session key level to watch is 41456-41333 spot zone if this gets breach then bias goes sideways and options writers goes heavy on market ahead of weekly expiry but if 41456-41333 spot zone manage to hold then we may move upside till minimum 41715 to 42015 and max 42225 spot zone here 42225 might act as strong resistance ahead of expiry.
3 things that will decide the Market today
1) SGX NIFTY signals a muted start for the Indian Stock Market
- Nifty futures on the Singapore Exchange traded 5 points, higher at 17,805 signalling that the Indian Stock Market is headed for a muted start.
2) Global markets in a mix
- Post Powell's speech on increasing interest rates to curb inflation, investors have since been eagerly awaiting the labour and inflation reports, due this week, that will further decide the Central Bank's action. Reflecting on the investor sentiments - Dow Jones declined 0.18% while NASDAQ rose 0.40%. For Asian markets, however, started the Day on a positive note - with major benchmark indices trading in green.
3) Adani stocks under surveillance
- Three of the Adani-group stocks namely - Adani Enterprises, Adani Power and Wilmar have been placed under short-term additional surveillance mechanism framework from today, as stated in NSE circular. Earlier this week, Adani repaid $500 million to a bridge loan to help the company restore faith in investors about its financial health.
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