Market Outlook for 12 March 2024

Ruchit Jain Ruchit Jain

Last Updated: 12th March 2024 - 11:02 am

Listen icon

Post the extended weekend, Nifty started the week on a flat note but we witnessed profit booking during the day which led to a dip towards 22300. The index ended the day with a loss of about three- fourth of a percent while the Bank Nifty index posted a loss of over a percent.

Nifty Today:

Our markets witnessed profit booking at the start of the week where the small cap index corrected by a couple of percent. The RSI oscillator on the daily chart of Nifty is positive while the hourly chart has a negative crossover, hinting at a possible short term correction within an uptrend. The immediate support for the index is placed around 22250 followed by 22100-22000 range. Any further decline towards the mentioned support zone could see buying interest again. However, the Nifty Small Cap index has breached its 40 DEMA support and has a negative momentum indicator hinting at a possibility of relative underperformance in this space. Hence, traders are advised to be stock specific and trade with proper risk management.

                                     Profit booking in broader markets drags Small Cap index lower

 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 22250 47090 20800
Support 2 22170 46850 20720
Resistance 1 22470 47700 20980
Resistance 2 22600 48000 21100
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree T&C*
Mobile No. belongs to
hero_form

Market Outlook Related Articles

Market Outlook for 16 July 2024

by Ruchit Jain 13th Sep 2024

Market Outlook for 15 July 2024

by Ruchit Jain 15th Jul 2024

Market Outlook for 12 July 2024

by Ruchit Jain 12th Jul 2024

Market Outlook for 11 July 2024

by Sachin Gupta 11th Jul 2024

Market Outlook for 10 July 2024

by Sachin Gupta 10th Jul 2024

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.

Want to Use 5paisa
Trading App?