“Nifty has good support at 17000 followed by 16850, whereas Bank Nifty has  support at 39250 followed by 39000. It will be a crucial day for our benchmarks as its weekly close and nifty and bank nifty both have a doji formation on weekly charts till today, resembling indecisiveness. BOE raised interest rates by 0.25% which will also have an effect on today’s market,” mentioned Ameya Ranadive, Equity Research Analyst at Choice Broking.

“Though we were clear on not expecting a vertical fall, we had talked up the prospects of distribution happening yesterday, having almost abandoned the 17470 upsidemove which we had so eagerly played since late last week. The inability to close above 17080, our turnaround point for yesterday, adds more weight to this stance. Today downsides will obviously have the upper hand, but cautious upside bets may be tried either on the first test of 16980 or on push above 17110,” mentioned Anand James – Chief Market Strategist at Geojit Financial Services.

“The steady decline in bond yields, across tenors, in the US reflect the market perception that interest rates are near peaks. The Fed is likely to pause, after perhaps one more 25 bp rate hike, and if the disinflation trend continues on expected lines, the FOMC may cut rates by end 2023 or early 2024. A lot will depend on the extent of slowdown in the US economy. If a hard landing of the US economy is avoided, equity markets will bounce back. The ongoing stress in the US banking system is a short-term challenge, but a long-term opportunity for equity investors. Market corrections triggered by negative news from the US can be used by long-term investors to buy high quality stocks, which will bounce back once interest rates start trending down,” mentioned V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Bank Nifty has support at 38900-39100 while resistance is placed at 40000-40200 range,” mentioned Deven Mehata, Equity Research Analyst, Choice Broking.

Share Market outlook today

“Bank Nifty needs to cross the level of 40,000 on a closing basis from continuing the up move. The index is likely to trade in the range of 39000-40000 and a break on either side will decide a trending move,” mentioned Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.

Share Market outlook today

“Nifty once again failed to clear the short-term resistance of 17210. The index has also formed a double top formation on intraday charts, indicating further weakness from the current levels. For the bulls, 17050-17000 would act as important support zones while 17200-17250 could be key resistance areas for the short-term traders. However, below 16950, the uptrend would be vulnerable,” mentioned Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Share Market outlook today  

“On the daily charts, we can observe that 17180 – 17210 acted as a stiff resistance and was unable to surpass it. On the hourly charts, we can observe that the Bollinger bands are contracting to indicate rangebound price action. The hourly momentum indicator has a negative crossover which also indicates range price action before it starts a new cycle. We believe that this fall is a retracement of the rise from 16828 – 17207. Overall, we expect the Nifty to hold on to the support zone of 17020 – 16970 and resume the pullback over the next few trading sessions. on the upside, the initial hurdle is placed at 17180 – 17210. Beyond this, it has the potential to 17315 – 17430,” mentioned Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Share Market outlook today

“Nifty trend remains weak as the index failed to move above the near-term moving average. The momentum indicator is in a bearish crossover. However, 16950 may remain a crucial support; a fall below 16950 may trigger a significant correction. On the higher end, resistance was seen at 17200,” mentioned Rupak De, Senior Technical Analyst at LKP Securities.

Share Market outlook today

The NSE Nifty 50 rose 17.20 pts or 0.10 to 17,094.10 and BSE Sensex climbed 129.66 pts or 0.22% to 58,054.94.

“If bulls have to regain conviction, Nifty need to break beyond the sturdy wall of 17200-17250. Until then, prices may continue to see lethargic moves, with support seen around the 17000 mark. If the US market weakens further, the sacrosanct support of 17000 will be in jeopardy. In this case, the next key level to watch out for would be around the recent lows of 16850,” mentioned Rajesh Bhosale, Technical Analyst at Angel One Ltd.

Share Market outlook today

“Volume profile indicates Nifty has strong support around the 16850-16750 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17200 followed by 17500 strike prices while on the put side, the highest OI is at 17000 strike price,” mentioned Deven Mehata, Equity Research Analyst, Choice Broking.

Share Market outlook today

Nifty short-term view stays uneven with a bearish undertone because it closed beneath 17110. Bulls have to reclaim 17210 for any salvage. First assist is positioned at 17045 after which 16970 whereas the resistance is positioned at 17210 and 17300, in keeping with Rahul Sharma, JM Financial.

Share Market outlook today

The National Stock Exchange has Biocon, HAL and IndiaBulls Housing Finance on its F&O ban checklist for twenty-four March. According to the NSE, shares are prohibited within the F&O sector after they have exceeded 95% of the market-wide place restrict (MWPL). During the F&O ban interval, no new positions are permitted for F&O contracts in that inventory.

Domestic indices ended the pre-opening session on a flat notice. The NSE Nifty 50 fell 0.70 pts to 17,076.20 and BSE Sensex fell 34.62 pts or 0.06% to 57,890.66.

The US market ended the in a single day session within the constructive territory with Dow Jones Industrial Average rising 0.23%, S&P 500 climbing 0.30% and the tech-heavy Nasdaq surging 1.01%.