Can the Nifty scale past 23,000 this week? A look at key levels to watch

All eyes are on the market levels this week after the Nifty failed to close above 22,500 last week. Positive global cues are expected to boost sentiment. Market participants have noted that the Nifty 50 needs to jump above the 22,500 mark decisively for an uptrend as this has become a key resistance level while they’re seeing 22,200-22,300 level as an important support zone. 

“We believe that the current market texture is non-directional, and traders may be awaiting a breakout in either direction. For the bulls, the key breakout zone is at 22,650. A dismissal of the 22,650 breakout could push the market towards 22,800-22,900. Conversely, if the market falls below 22,300, selling pressure is likely to accelerate,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Also, the rally in the global markets on Friday is likely to uplift domestic market sentiments. 

“On the downside, bulls have exhibited strong resilience at the 22,200-support zone, forming a well-defined trading range. With Nifty trading close to its 20-day EMA, a decisive breakout above 22,550 could ignite a short-covering rally,” said Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities.

However, SBI Securities took a different stance and said that it would continue to remain cautiously optimistic on the market due to the recent recovery as well as valuation easing. “Investors are recommended to stick to quality businesses with supportive valuations for medium to long term investment horizon,” SBI Securities said.

ALSO READStock Market Live Updates: Sensex, Nifty set to open higher on positive cues Markets’ recap

Last week, the Indian equity markets suffered heightened volatility following the global markets, which was due to US recessionary fears and the trade tariff war. Also, foreign institutional investors remained the net sellers for the whole week. They sold Rs 5,730 crore in the cash market. However, the markets were lifted a bit by the retail inflationary data of both – the US and India. 

 » Read More

Related Articles

How much time will 8th Pay Commission take to submit its report? Govt says THIS

The Centre in January this year announced the 8th Pay Commission, which will submit its report to the central government for revision of salaries and pensions. Ever since the pay panel was announced, central government employees and pensioners have been eagerly awaiting the appointment of 2 committee members and the chairman. The government is expected

Wipro Share Price Today Highlights, 17 Mar, 2025: Wipro on a lower note

Wipro Share Price Today Highlights, 17 Mar, 2025: The Wipro share is in news and the counter closed trade on 13 Mar, 2025 at Rs 264.2. The shares touched intraday high of Rs 271.0 in the last trading session while the intraday low was at Rs 263.3. The company’s market capitalization, as on 13 Mar

New stocks or old multibaggers: Where to invest after a bear market?

Are you being greedy now when others are fearful? If the answer is yes, what are the kind of stocks are you buying? Are you averaging the existing stocks in your portfolio or are you buying new ones? Well, if you are sitting on a few multibaggers and are looking to buy the same stocks

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

How much time will 8th Pay Commission take to submit its report? Govt says THIS

The Centre in January this year announced the 8th Pay Commission, which will submit its report to the central government for revision of salaries and pensions. Ever since the pay panel was announced, central government employees and pensioners have been eagerly awaiting the appointment of 2 committee members and the chairman. The government is expected

Wipro Share Price Today Highlights, 17 Mar, 2025: Wipro on a lower note

Wipro Share Price Today Highlights, 17 Mar, 2025: The Wipro share is in news and the counter closed trade on 13 Mar, 2025 at Rs 264.2. The shares touched intraday high of Rs 271.0 in the last trading session while the intraday low was at Rs 263.3. The company’s market capitalization, as on 13 Mar

New stocks or old multibaggers: Where to invest after a bear market?

Are you being greedy now when others are fearful? If the answer is yes, what are the kind of stocks are you buying? Are you averaging the existing stocks in your portfolio or are you buying new ones? Well, if you are sitting on a few multibaggers and are looking to buy the same stocks

Big pension reform: Divorced daughter can claim father’s pension!

The Modi government has introduced a slew of reforms over the past many years to ensure social security for all citizens, with special focus on the marginalized section of society. Many reforms have been initiated in the pension sector to cater to the post-retirement needs of people irrespective of their work status. The government has

Forever 21 files for bankruptcy for second time in 6 years, brand to conduct liquidation sales

US-origin Fashion brand, Forever 21’s operator F21OpCo filed for Chapter 11 bankruptcy on Sunday. This is the second time in six years the retailer has taken the decision amidst withering sales. As Forever 21 fails to remain profitable, the company said the liquidation sales at their stores will soon follow. In the ever-increasing e-commerce market