Weekly Market Outlook for 11th March to 15th March

Ruchit Jain Ruchit Jain

Last Updated: 11th March 2024 - 11:26 am

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Our markets continued to march higher in the truncated week and rallied higher to surpass the 22500 mark for the first time ever. The index ended the week just below 22500 with weekly gains of half a percent.

Nifty Today:

Nifty consolidated at higher levels for most part of the week, but it again witnessed buying during mid-week dip around 22200. The index ended the week at its highest point indicating a continuation of the uptrend. In the derivatives segment, FIIs started this series with short positions but as the index marched higher, they covered some of their shorts and added longs to reduce their net short positions.

The immediate support for Nifty is now placed around 22200 mark while positional support is around 22000-21900 range. In last couple of months, the 40 DEMA has acted as a sacrosanct support on declines which is now around 21920. Thus, till the above supports are intact, the broader trend for the index remains positive. On the higher side, the retracements of the recent correction indicate possible target around 22720 followed by 23000-23100 zone. Hence, traders are advised to continue to trade with a positive bias until any reversal signs seen.

                                          Nifty ends the week at new record high, midcaps and small caps diverge

Weekly Market Outlook for 11th March to 15th March

The broader markets witnessed a mixed trend where momentum was seen on both the sides of the trade. Inspite of new high in the benchmark, the Midcap and the small cap indices did not rally in last few days indicating stock specific profit booking. Infact, the small cap index has even breached its short term support and the RSI has given a negative crossover from the overbought zone in the weekly charts. Thus, these segment could go through some time wise corrective phase and one should be very selective in trading for the short term. 

Nifty, Bank Nifty Levels and  FINNIFTY Levels:

  Nifty Levels Bank Nifty Levels FINNIFTY Levels
Support 1 22350 47500 20870
Support 2 22230 47200 20800
Resistance 1 22580 48150 21000
Resistance 2 22630 48350 21200
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