Updated Mar 15, 2025 19:26 IST
Nifty prediction for Monday 17 March: Negative candle on daily chart; trading view, support, resistance (Pic: Freepik/ ET NOW)
Ajit Mishra – SVP, Research, Religare Broking, said that participation in Nifty is low during the ongoing consolidation. The market expert said that a breakout in Nifty is expected soon from the range of 22250 to 22650.
Nifty Chart Trading View
Rupak De, Senior Technical Analyst at LKP Securities, said that Nifty hourly chart is showing formation of a symmetrical triangle pattern. If Nifty gives a decisive move above 22550, this will trigger a meaningful rally in the index in short term.
“On the other hand, if Nifty index falls below 22350, then this will weaken sentiment,” the market expert said.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that Nifty daily chart is showing a reasonable negative candle formation within a high low range of 22600 to 22300. Technically, this Nifty chart pattern signals a narrow range bound movement with negative bias.
“If Nifty gives a breakout above 22600, then this will renew buying interest from traders. The rally in Nifty will then continue towards short-term target of 23000. Any weakness in Nifty below will increasing the selling pressure and the index will move towards 22000,” the market expert said.
Nifty Support And Resistance Levels
Devarsh Vakil, Head of Prime Research, HDFC Securities, said that Over the last five trading sessions, Nifty index has moved in a range of 22314 to 22676 in the last 5 trading sessions.
“Nifty index must cross the resistance of 22700 to continue the rally. Nifty target for short-term is 23000. On the downside, Nifty support is see in the range of 22245 to 22300. In Nifty index falls below 22245, the this will trigger more selling and it move towards the swing low support of 21964,” the market expert said.
Osho Krishnan, Sr. Analyst, Technical & Derivatives, Angel One, said that on the technical front, the zone of 22650 to 22700, representing a confluence of 20DEMA and the bearish gap on the weekly chart, seems a strong resistance for Nifty index. 22300 to 22250 zone is providing a strong support zone. If Nifty falls below 22300, then the selling will trigger and the index could fall up to 22000,” the market expert said.
Nifty 20DEMA
Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities said that Nifty index has repeatedly failed to cross the level of 22500 which is acting as a strong resistance.
“Nifty index is trading close to its immediate resistance at the psychologically level of 22500. On the downside, Nifty has shows strong support at 22200. With Nifty trading close to its 20-day EMA, a decisive breakout above 22550 could trigger a short-covering rally,” the market expert said.
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