Market Outlook for 28 March 2024

Ruchit Jain Ruchit Jain

Last Updated: 28th March 2024 - 12:01 pm

Listen icon

Nifty started the day on a positive note and rallied higher towards 22200 mark. However, the index was unable to surpass that level and it consolidated within a range with a positive bias to end above 22100 with gains of over half a percent.

Nifty Today:

Nifty has consolidated within a range in last couple of sessions but the biasness seems positive as the intraday declines are witnessing buying interest. The heavyweight Reliance Industries rallied to provide support to the benchmark while the overall market breadth was even steven. FII’s had majority of their positions on the short side in the March series, but it will be important to see how they roll over their positions ahead of another long weekend. In the options segment, 22000 put options have decent open interest outstanding which would be seen as the important support on the expiry day, while the 61.8 percent retracement of the recent correction at 22220 is the immediate hurdle.

The Bank Nifty index has also been witnessing some resistance near the 47000 mark which is the 50 percent retracement level. If both the indices surpass these mentioned hurdles, then the momentum could accelerate on the positive side. Hence, traders are advised to keep a close tab on the levels. 

                                   Options data hints at support of 22000 for the expiry day 

The Midcap index which recently corrected sharply has seen a gradual recovery and the RSI oscillator has given a positive crossover on the daily chart. Thus, one can look for stock specific buying opportunities where price volume action is bullish.

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 22050 46600 20670
Support 2 21980 46480 20600
Resistance 1 22215 47000 20920
Resistance 2 22270 47260 20980
How do you rate this article?
Characters remaining (1500)

FREE Trading & Demat Account
+91
''
By proceeding, you agree to our T&Cs*
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 11th Oct 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?