Today market will open gap up due to saving of First Republic bank by consortium of lenders and thus mkt will open gap up but problem with gap up is that whether it will be sustained or not.
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Nifty Spot View: 17/03/2023
Cmp: 16985.60
Support & Downside Range: 16950—16910—16850--16750
Resistance & Upside Range: 17062—17100--17212
Short Term Trend Reversal Level: -- 17800
Trading View: In today trading session key level to watch is 16950—16910 spot levels zone till this holds bulls have chance to bounce back till minimum 17100 and max 17212 ahead of weekends whereas a break below 16910 will indicate that still on selling pressure has not ended and we may fall more downside till minimum 16750 and max 16600 spot levels so understand the importance of 16950—16910 spot levels in today's trading session after opening.
Yesterday it was a painful expiry for the Bulls. Losses are losses. Whether they are in cash or futures. The issue is derivative data is getting weaker day by day. So, either we may see a very sharp reversal in coming days or another fall towards lower levels.
Nifty. Levels are clear. Support is placed at 16900 and resistance at 17180.
BankNifty. Support is placed at 38800 and resistance at 39800.
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