Nifty Outlook For Tomorrow 16-March

Nifty is expected to consolidate in a range of 5,200 to 5,650. Market is likely to be volatile as Advance tax figures trickle in and the RBI monetary policy is due on Thursday.

For Nifty Tomorrow the major support is there at 5,400 below further downside. On the other hand, the resistance is there at 5,520 and 5,565.

Looking at daily Nifty Charts and reports at present the narrow range body formation reflects indecisiveness prevailing at current levels. Hence, if indices trade above 18,230 / 5,470 levels then they are likely to test 18,410-18,550 / 5,510-5,550. On the downside, 17,950 - 17,740 / 5,375 - 5,320 are the crucial support levels for the indices. Any breach of 17,740 / 5,315 would intensify the selling pressure.

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