Aniket PujariNifty 50: How the benchmark index performed on 17 March
India’s benchmark index, Nifty 50, opened lower on Monday, 17 March, but rebounded as buying interest emerged at lower levels, pushing it into positive territory. The index closed 112 points higher (+0.50%) at 22,509.65, forming a bullish candle. Market breadth was positive, with 32 stocks advancing and 18 declining.
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Sectoral performance was mixed. Nifty Pharma (+1.56%), Nifty Financial Services (+1.03%), and Nifty Auto (+0.91%) led the gains, while Nifty Media (-0.65%), Nifty Realty (-0.38%), and Nifty PSU Bank (-0.24%) lagged.
Technical indicators suggest improving momentum. The 14-day Relative Strength Index (RSI) at 42 indicates a recovery from oversold levels, while the MACD has shown a positive crossover, though it remains below the central line.
According to MarketSmith India’s O’Neil methodology, market status shifted to a ‘Rally Attempt’ from a ‘Downtrend’ on 6 March. A follow-through day or a new high would upgrade the market to a ‘Confirmed Uptrend’, while a breach of the recent low at 47,841.30 would signal a return to a ‘Downtrend’.
Looking ahead, the 21-day moving average (DMA) at 22,580–22,600 remains a key resistance. A decisive move above this could drive Nifty towards 22,850–23,000, while failure to hold above it may lead to further volatility. On the downside, support is seen around 22,300.
How did Nifty Bank perform?
Nifty Bank opened on a positive note Monday and remained in the green throughout the session, trading in a narrow range between 48,196 and 48,481. The index held above the previous day’s low and formed a small bullish candle, establishing a higher-high, higher-low structure. It opened at 48,219.55, moved within 48,196.10–48,481.35, and closed at 48,351.15.
Technical indicators suggest mixed momentum. The 14-day RSI is rising gradually at 44, while the MACD remains in a negative crossover below its central line, indicating continued weakness.
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Following O’Neil’s market direction methodology, Bank Nifty entered a ‘Rally Attempt’ from a ‘Downtrend’ yesterday. Last Wednesday marked day one of the attempted rally as the index closed in positive territory. With Monday’s action qualifying as day three, a follow-through day is needed to confirm an uptrend.
Despite the rebound, Bank Nifty remains below key moving averages, signaling a negative bias. Sustained trading below 48,000–47,800 could open the door for a further decline toward 46,000. Conversely, a break above 48,500 could push the index toward 49,000–49,500 in the coming days.
MarketSmith India’s top stock recommendations for 18 March:
ICICI Securities Ltd: Current market price: ₹849 | Buy range: ₹825–855 | Profit goal: ₹990 | Stop loss: ₹790 | Timeframe: 1-2 months
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CarTrade Tech Ltd: Current market price: ₹ 1,598.25 | Buy range: ₹ 1,560–1,610 | Profit goal: 1,820 | Stop loss: ₹ 1,490 | Timeframe: 1–2 months
About MarketSmith India: Trade name: William O’Neil India Pvt. Ltd. Sebi-registered research analyst registration number is INH000015543.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
