Nifty Weekly Review and Outlook, Key Levels

By Malvika Gurung

Investing.com -- Dalal Street witnessed its overall losses extending to the third consecutive week in the March 24-ended week, largely due to developments going on around the global banking industry.

Benchmark indices Nifty50 ended Friday 0.77% lower at 16,945.05 points and Sensex shed 398.18 points or 0.69%.

The two headlines slid 0.9% and 0.8% respectively in the whole week, with pressures from multiple other factors including rate hikes by global central banks despite the ongoing banking turmoil, US officials’ hawkish remarks and the Finance Bill 2023 announced on Friday.

In a note provided to Investing.com, Rupak De, Senior Technical Analyst at LKP Securities indicated that the Nifty index slipped below the crucial level of 16950 as the bears gained control of the market.

The index fell after a few days of consolidation, pointing to an increase in bearish bets, De stated, adding that the momentum indicator RSI is in a bearish crossover.

“In the short term, the index may fall, with a potential drop to 16750. On the higher end, resistance is visible at 17200,” he added.

On Friday, the fear barometer of the Indian market, India VIX jumped 6.5% and hit 15.43 levels, injecting discomfort among the bulls.

Most constituents stocks under the Nifty50 index ended the previous session in the red, led by Bajaj twins, Bajaj Finance (NS: BJFN ) and Bajaj Finserv (NS: BJFS ), while market heavyweights Tata Steel (NS: TISC ), Hindalco (NS: HALC ), Adani Ports (NS: APSE ), Adani Enterprises (NS: ADEL ), ONGC (NS: ONGC ), Coal India (NS: COAL ), Reliance (NS: RELI ) and Hero Moto (NS: HROM ) followed.

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