Nifty and Bank Nifty Weekly Outlook (18th - 22nd March ’24)

Last week's performance of the Nifty and Bank Nifty indices was contrary to expectations, showing a significant decline instead of the anticipated rise. Presently, the charts present an ambiguous immediate outlook, leaving the future movements of Nifty50 and Bank Nifty indexes uncertain. Market watchers are adopting a cautious stance, preferring to observe upcoming movements for clearer indications before asserting a potential trend.

Key Market Events

One of the notable events that market participants are keeping an eye on is the US Federal Reserve meeting happening on Wednesday. The outcome of this meeting is predicted to significantly influence market directions this week.

Nifty Support and Resistance Levels

Nifty currently finds support at the 21,900 level. Should this threshold be broken, we might see a slide down to a range between 21,600 and 21,500. Conversely, if Nifty50 overcomes the resistance mark at 22,250, an upward push towards levels of 22,600 to 22,700 is possible.

Bank Nifty Trading Range

For Bank Nifty, the support is placed firmly at 46,000. A downward break through this point could result in a decrease to levels of 45,000 or potentially 44,500. Conversely, the resistance level stands at 47,400, with a successful move above this potentially propelling the Bank Nifty to heights between 48,500 and 49,000.

Global Cues from Dow Jones

In international markets, the Dow Jones Index is facing substantial resistance near the 39,200 level and exhibits a negative bias that could lead to a decline towards the 38,000 zone. Further weakness below this pivotal point may see the Dow Jones retreat to 37,200.

Nifty, BankNifty, Prediction