Market Outlook: Can Nifty Surpass 22,600 and Bank Nifty Regain 48,800?

The Nifty 50 and Bank Nifty Trading Plan have made a strong beginning into the new week the 17th of March. The benchmark Nifty reached a high of 22,500, and created a bullish candlestick pattern that can be seen on daily chart. So long as the index stays at or above 22300, its uptrend could continue to the 22,700-23,000 level in the upcoming session. If it does fall below 22,300, the selling pressure will be increased according to experts. In the end, Bank Nifty Trading Strategy performed better than the benchmark Nifty 50.

On March 17 the Nifty 50 climbed 112 points to 22,509 and the Bank Nifty climbed 294 points to reach 48,354. However, bears continued dominate the market's with a wide spread. The total of 1,639 shares was subject to selling pressure, in contrast to 1,024 rising shares in the NSE.

Nifty Trading Strategy has begun the week with a positive outlook and is now closing over the 22,500 mark. The last week was one of consolidation and it appears to have offered an opportunity to break out to the up side. Many Bank Nifty Strategy factors are influencing the uptrend in the short term including that the index of dollars cools from its highs of 110 and the crude oil price settling significant, and the favorable IIP as well as WPI figures promoting economic growth.

The PCR (Put-Call Ratio) has risen and moved over 1 to 1.03 which is a good Put base within the 22,000-22,500 strikes. This is a strong indication of support within this range. On the other hand, there is a strong Call base within the 22800-23,000 strike range. Therefore, the range of the index is between 22,000 and 23,000 which is a short-term span of 22,300 - 22,800.