Nifty Prediction Today—March 22, 2024: Index sees sharp recovery after initial fall; consider longs

Nifty futures (22,120)

Nifty 50 began today’s session lower at 21,932 versus yesterday’s close of 22,012. The index fell initially to mark a low of 21,883. But it recovered quickly and is now hovering around 22,050, up nearly 0.2 per cent.

The advance/decline ratio of Nifty 50 stands at 36/14, giving the index a bullish inclination. BPCL, up 2.7 per cent, is the top gainer whereas HCL Technologies, down 3.2 per cent, is the top loser. Like the benchmark index, the mid- and the small-cap indices have gained so far today.

Among the sectoral indices, barring the Nifty IT (down 2 per cent), all other indices are in green. Nifty Realty, up 1.3 per cent, is the top performer.

Nifty 50 futures

The March futures of Nifty 50 opened today’s session lower at 22,060 against yesterday’s close of 22,102. It has now gone up to 22,120, up nearly 0.1 per cent.

Although there is bullish inclination, the contract is facing a resistance at 22,150. If this is breached, Nifty futures can rally to 22,300, a resistance. Above this, 22,500 is the nearest barrier.

On the other hand, if Nifty futures fall off the resistance at 22,150, it can find support between 22,030 and 22,000. Support below 22,000 is at 21,900.

Trading strategy

Buy Nifty futures if it breaks out of 22,150. Target and stop-loss can be at 22,300 and 22,070, respectively.

Supports: 22,030 and 22,000

Resistances: 22,300 and 22,500

COMMENT NOW