Tech View: Nifty forms Marubozu candle on Day 1 of March series. What should traders do on Saturday

Nifty on Friday ended the primary buying and selling session of the March sequence 366 factors greater above the 22,300 mark and at recent document highs. The index shaped a bullish Marubozu candle on the charts.

“The index broke out of a two-month consolidation zone and such volatility contraction is often adopted by a powerful rally. The 61.8% Fibonacci projection stage from the beginning of Nifty’s rally since October is at 23,200. If the breakout is sustained a fast march in the direction of 23,000 might be anticipated. The demand zone has now shifted upwards to 22,200-22,250 which is predicted to behave as help for Nifty,” Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy, mentioned.

The inventory markets can be open for buying and selling tomorrow in a particular buying and selling session from 9:15 am to 10 am after which once more from 11:30 am to 12:30 pm.

What ought to merchants do? Right here’s what analysts mentioned

Jatin Gedia, Sharekhan

On the day by day charts, we will observe that the Nifty has damaged out of a Operating Triangle sample indicating the beginning of a recent leg of upmove. The day by day Bollinger bands have begun to develop and costs buying and selling alongside the higher band point out that there may very well be sharp trending strikes on the upside. We count on Nifty to focus on ranges of 23,000 – 23,100 from a short-term perspective. On the draw back, the zone of 21,900 – 21,860 shall now act as a vital help zone and a breach beneath it shall result in a pattern reversal.

Tejas Shah, Technical Analysis, JM Monetary & BlinkX

Nifty closed above the essential resistance zone of twenty-two,250-300 ranges on a weekly closing foundation and we imagine that so long as Nifty is holding above the 22,000 mark, the rally is more likely to proceed and it may well check the following resistance zone of twenty-two,450-500 on a right away foundation and ultimately Nifty can check 22,700 on the upper facet.

Rupak De, LKP Securities

Nifty remained above 22,000 within the early hours, propelling the market upward all through the day. The index’s consolidation breakout, coupled with sustained motion above the shifting common, fueled a sturdy rally. Notably, the Relative Energy Index (RSI) confirmed a bullish crossover, indicating optimistic momentum out there. Sentiment is optimistic for potential upward actions, with expectations of shopping for into dips. On the higher scale, resistance is clear at 22,400/22,600, whereas help is positioned at 22,200.(Disclaimer: Suggestions, ideas, views, and opinions given by the consultants are their very own. These don’t characterize the views of The Financial Occasions)