Nifty 50 March futures (22,557)
Nifty 50 has risen sharply after opening with a slight gap-down. The index surged to an intraday high of 22,577 after opening lower at 22,353. It is currently trading at 22488, up 0.41 per cent. The advances/declines ratio is at 32:18. This is positive. If this sustains, there are good chances to see further rise during the day.
Nifty 50 outlook
On the intraday chart, there has been a range of 22,300-22,600. This range is holding well for now. The pull back from the intraday high of 22,577 indicates that this range remains intact. There are chances to see the Nifty coming down to 22,400-22,300 during the day.
A breakout on either side of 22,300-22,600 will decide the direction of next move. A break below 22,300 will be bearish to see 22,000 on the downside. On the other hand, a break above 22,600 will be bullish. Such a break can take the Nifty up to 22,800.
- Also read: Stocks that will see action today: March 17, 2025
Nifty 50 futures
The Nifty 50 March futures (22,557) contract is up 0.5 per cent. It spiked to a high of 22,670 and has come down from there. Failure to rise back above 22,620 and a fall below 22,500 can drag the contract down to 22,400-22,350.
A sustained rise above 22,620 will be positive. If that happens, we can get a rise to 22,750 during the day.
It is a wait and watch situation now.
Trading strategy
The direction of move from current levels is unclear. Stay out of the market today.
Supports: 22,500, 22,380
Resistances: 22,620, 22,750
