March 19 Market Outlook: 15 Key Insights Before the Opening Bell

The market had a positive performance on the 18th of March and the Nifty 50 successfully overcame the bearish gap of February 24 and ending 1.5 percent higher, fueled by a buying spree across all sectors. The index also moved over the midline in the Bollinger bands this is a positive indication. Thus the overall trend appears to be positive for the near term.

1) Key Levels For The Nifty 50 (22,834)

Resistance determined by pivot points such as 22,863, 22,924, as well as 23,022. Support that is based on pivot points 22,665, 22604, and 22505.

2) Key Levels For The Bank Nifty (49,315)

Resistance is based upon pivot points 49409 49,591, and 49.886

Support is based on pivot points: 48,820 and 48.344

The Fibonacci retracement is the basis for resistance 50,283, and 51,089

The support is based upon Fibonacci Retracement (47,883, 46.078)

3) Nifty Call Options Data

Based on the weekly option data the strike at 23,000 holds the highest Call open interest (with 1.32 millions of contracts). This can be an important resistance level for the Nifty in the near term. Then came the 23500 strike (1.07 crore contracts) and 23200 strike (79.51 lakh contracts) and the 23400 strike (76.98 lakh contracts).

4) Nifty Put Options Data

In the Put side, the highest Put open rate was recorded at 22,500 strike (with 1.25 million contracts) that could serve as a major supporting level to the Nifty. The next level was an 22,000 strike (1.21 crore contracts) and the 22,600 strike (1.04 crore contracts).

5) Bank Nifty Call Options Data

According to the monthly option report, the highest Call open interest recorded at 49,000 strike which is 14.56 lakh options. This is an important level to the index over the short-term. This was followed by five thousand strike (14.36 lakh contract) and the 50k strike (13.22 lakh contracts).