“Following yesterday’s close above 23100, as previously analyzed for the NIFTY, the technical landscape has become moderately intricate. While the current movement remains a pullback, ultimately anticipated to drive lower lows beneath 21965, a short-term upward trajectory is possible, potentially reaching 23800. This advance could foster a perception of a renewed bull market; however, a subsequent retracement is still expected. Similarly, within the small-cap and mid-cap sectors, while near-term gains may materialize, a subsequent, substantial decline is projected.”

“The downside support for the NIFTY spot has shifted upwards to 23000. Going forward, monitor this support level closely. Monday should be an interesting day for both Indian and U.S. markets. Specifically, Monday’s intraday low will be critical. Let’s observe.”

“As I discussed on March 7th, the NIFTY’s upside resistance would be at 22,800 and 23,100 on the spot. Regarding the time frame, the critical window from March 8th to March 18th ends today. Therefore, going forward, the low registered within this time window, 22,314, will be very significant. Once that level breaks, the next leg lower should resume. However, until that happens, the index should remain sideways to positive in the immediate term. While the equinox is generally important time-wise, more significant dates would be March 24th, April 4th, and April 7th. The sell-on-rise approach continues, with trades focused on the June expiry.