Nifty 50 March Futures (22,962)
The Nifty 50 continues to show upward momentum, maintaining higher levels after surpassing 22,700 on Tuesday. Currently trading at 22,900, the index has gained 0.3 percent. The advances/declines ratio stands at 31:19, indicating a positive sentiment.
Nifty 50 Outlook
The outlook remains bullish, with key support levels clustered around 22,770-22,700. The index has the potential to climb to 23,000-23,100 from its current levels. However, a failure to breach 23,100 could result in a pullback towards 22,900-22,800.
A strong breakout above 23,100 would propel the bullish momentum, paving the way for a rally towards 23,500 in the coming weeks.
Nifty 50 Futures
The Nifty 50 March Futures (22,962) are up by 0.3 percent. The contract has the potential to advance towards 23,000-23,050 during the day, with 23,000-23,050 acting as a strong resistance zone. Hence, close monitoring of price action in this zone is advised.
In the event of a downward reversal from 23,000-23,050, the Nifty 50 March Futures contract could retreat to 22,850-22,800. Conversely, a decisive break above 23,050 could fuel further upside towards 23,300-23,400.
Trade Strategy
Given the critical resistance level ahead, traders are recommended to stay out of the market today.
Supports: 22,800, 22,750
Resistances: 23,050, 23,300
Published on March 19, 2025
