Market has factored this thing that Powell is going for a rate pause on 22/23 Mar and this is indicative through bond market and the rate pause with dovish commentary is good for market.
Become a big bull once Nifty crosses above 17250 as short covering will propel market higher.
Trade like a pro champion using our bank nifty option tips on a daily basis.
Nifty Spot View: 21/03/2023
Cmp: 16988.40
Support & Downside Range: 16963—16945—16925--16900
Resistance & Upside Range: 17058—17127—17201--17252
Short Term Trend Reversal Level: -- 17800
Trading View: In today's trading session key level to watch is 16900 spot levels as long as nifty trades above this level bias remains of short covering move whereas 16945—16925 acts as immediate support level any dip in this zone one can look for buy side trade by keeping stop loss below 16900 on 10 to 15 mins sustain basis, upside 17058 will act as first immediate resistance break and sustain above it for 15 to 30 mins short covering move will extend till minimum 17127 to max 17201 spot levels.
Something is about to happen, either on the domestic front or it can be global. Markets are well poised for a sharp swing on either side. The reason is purely FII data. One fails to understand that why they are selling so much. For past 1 year plus they have sold more than 5 Lakh Crores in Indian stock market.
It's too much on the short side, in fact way too much. Derivative data is now heavily short on Index FUT, stock FUT, as well as in options also. We as retail analyst, always get the news or event updates in the end, so need to be carefull.
Nifty. We may see gap up opening today but need Nifty to break above 17170 to show some strength.
Support is placed at 17850 which need to hold for a reversal.
BankNifty. 38800 is a strong support and it need to hold for higher levels. Resistance is placed at 40300.
Be carefull with positions due to derivative data.
Update
Nifty & banknifty its going to be tough for nifty to cross 17100—17127 spot today and in bank nifty 39650—39700 and today its tuesday finnifty weekly expiry so we do not see after a good opening we will get so easily follow up buying in index and expecting a sideways mkt between 17000 to 17100 for nifty and bank nifty 39300 to 39700 at least till 1.30 to 2pm today
