NIFTY Pharma

Immediate resistance for Nifty seen at 23,500–23,600, followed by 23,800–24,000 being crucial hurdle, 23,000–22,950 expected to be the immediate key support, VIX needs to fall below 18 to provide further comfort to bulls

* Immediate resistance for Nifty seen at 23,500–23,600, followed by 23,800–24,000 being crucial hurdle
* 23,000–22,950 expected to be the immediate key support
* VIX needs to fall below 18 to provide further comfort to bulls

shorts/business/trade-setup-for-march-17-top-15-things-to-know-before-the-opening-bell-amid-oil-prices-volatility

The Nifty 50 bounced back more than 1 percent to close above 23,400 on March 16 after losing 4.6 percent in the previous three straight sessions. However, sustainability of uptrend will be the key going forward. Overall, the structure is still in favour of bears, and the focus remains on oil prices, with traders monitoring developments related to the Strait of Hormuz amid ongoing geopolitical tensions between the US and Iran. If the index extends its upward journey, the immediate resistance is placed at 23,500–23,600, followed by 23,800–24,000, which will be a crucial hurdle for any further sharp upmove. However, 23,000–22,950 is expected to be the immediate key support, according to experts.



Here are 15 data points we have collated to help you spot profitable trades:

1) Key Levels For The Nifty 50 (23,409)

Resistance based on pivot points: 23,622, 23,835, and 24,169

Support based on pivot points: 23,075, 22,742, and 22,529

Special Formation: The Nifty 50 formed a long bull candle with minor upper and lower shadows on the daily charts after a sharp recovery in the last hour of trade, indicating a counterattack by bulls from the lower supports. The index climbed back above the long bullish gap of April 15, 2025. However, the lower high–lower low structure remains intact, while all the moving averages are still trending downward, with the 50-day EMA now falling below the 200-day EMA. The RSI rebounded to 29.68 but remained below the signal line. The MACD fell to a fresh six-year low, while the histogram remained below the zero line, although the weakness faded slightly. All these indicators suggest that the broader trend still remains weak despite the short-term bounce.

2) Key Levels For The Bank Nifty (54,413)

Resistance based on pivot points: 54,966, 55,518, and 56,372

Support based on pivot points: 53,560, 52,706, and 52,154

Resistance based on Fibonacci retracement: 55,323, 56,573

Support based on Fibonacci retracement: 53,084, 50,721

Special Formation: The Bank Nifty also formed a long green candle with minor upper and lower shadows on the daily timeframe, indicating a bounce back from support levels. However, the lower top–lower bottom structure remains intact. All the moving averages are sloping downward, while the RSI rose to 28.24 from the 23 level but remained well below the signal line. The MACD hit a fresh six-year low, and the histogram stayed below the zero line, although the weakness has eased slightly. All this indicates that the overall trend still favours bears despite the recovery.



3) Nifty Call Options Data

According to the weekly options data, the 24,000 strike holds the maximum Call open interest (with 1.05 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,500 strike (68.69 lakh contracts) and 23,700 strike (55.06 lakh contracts).

Maximum Call writing was observed at the 24,000 strike, which saw an addition of 20.42 lakh contracts, followed by the 23,500 and 23,400 strikes, which added 20.16 lakh and 11.22 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,050 strike, which shed 3.96 lakh contracts, followed by the 23,200 and 23,600 strikes, which shed 3.85 lakh and 3.14 lakh contracts, respectively.



4) Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 23,000 strike (with 83.33 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 22,800 strike (57.27 lakh contracts) and the 23,200 strike (48.51 lakh contracts).

The maximum Put writing was placed at the 22,900 strike, which saw an addition of 23.88 lakh contracts, followed by the 22,700 and 23,300 strikes, which added 23 lakh and 21.89 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,000 strike, which shed 4.4 lakh contracts, followed by the 23,700 and 23,800 strikes, which shed 2.68 lakh and 2.39 lakh contracts, respectively.



5) Bank Nifty Call Options Data

According to the monthly options data, the 56,000 strike holds the maximum Call open interest, with 8 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 55,000 strike (5.92 lakh contracts) and the 54,500 strike (3.35 lakh contracts).

Maximum Call writing was observed at the 56,000 strike (with the addition of 1.45 lakh contracts), followed by the 54,500 strike (82,950 contracts) and 54,000 strike (67,560 contracts). The maximum Call unwinding was seen at the 55,000 strike, which shed 65,730 contracts, followed by the 54,100 and 54,700 strikes, which shed 16,380 and 10,440 contracts, respectively.



6) Bank Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 54,000 strike (with 6.71 lakh contracts), which can act as a key support level for the index. This was followed by the 55,000 strike (4.83 lakh contracts) and the 56,000 strike (4.58 lakh contracts).

The maximum Put writing was placed at the 54,500 strike (which added 1.09 lakh contracts), followed by the 53,200 (22,920 contracts) and 53,800 (22,530 contracts). The maximum Put unwinding was seen at the 55,000 strike, which shed 87,720 contracts, followed by the 56,000 and 53,900 strikes, which shed 39,840 and 14,850 contracts, respectively.



7) Funds Flow (Rs crore)



8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, jumped to 1.03 on March 16, compared to a 0.75 in previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.



9) India VIX

India VIX, also known as the fear index, fell 4.6 percent to 21.6 following a sharp rally in the previous three sessions, providing some comfort for bulls. However, it still remains at elevated levels overall. It needs to fall below 18 to provide further comfort to bulls, while a decline below 13 can act as a major comfort zone for the bullish sentiment.



10) Long Build-up (57 Stocks)

A long build-up was seen in 57 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.



11) Long Unwinding (38 Stocks)

38 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.



12) Short Build-up (61 Stocks)

61 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.



13) Short-Covering (55 Stocks)

55 stocks saw short-covering, meaning a decrease in OI, along with a price increase.



14) High Delivery Trades

Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.



15) Stocks Under F&amp;amp;O Ban

Securities banned under the F&amp;amp;O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&amp;amp;O ban: Nil

Stocks retained in F&amp;amp;O ban: SAIL, Sammaan Capital

Stocks removed from F&amp;amp;O ban: Nil

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Trade setup for March 17: Top 15 things to know before the opening bell amid oil prices volatility

Sensex jumped 938.93 points, closing at 75,502.85., Nifty rebounded above 23,300 after early losses., Market sentiment cautious due to high oil prices and tensions.

* Sensex jumped 938.93 points, closing at 75,502.85.
* Nifty rebounded above 23,300 after early losses.
* Market sentiment cautious due to high oil prices and tensions.

Indian equity markets rebounded over 1% on Monday after recent losses, driven by bargain buying in heavyweight stocks. Nifty closed at 23,408.80 and Sensex at 75,502.85, but sentiment remains cautious amid geopolitical tensions and high oil prices.

shorts/business/is-today-s-market-surge-sustainable-or-is-it-a-dead-cat-bounce-analysts-suggest-levels-to-confirm-trend-reversal

The domestic equity markets began the week on a volatile note and settled over 1 percent higher on Monday, snapping a recent losing streak on the back of bargain buying.

The Nifty opened flat after the steep correction seen in the previous three sessions and slipped in early trade. However, buying in select heavyweight stocks across sectors triggered a sharp rebound in the latter half of the session. The benchmark index eventually settled at 23,408.80 level.

The Sensex jumped 938.93 points or 1.26 percent to close at 75,502.85. During the day, the index touched a high of 75,805.27.

Market participants said the rebound largely reflected investors accumulating stocks at lower levels following the sharp decline in recent sessions.

However, the overall sentiment remained cautious amid continuing geopolitical tensions in West Asia and elevated crude oil prices, which have raised concerns over inflation and India’s import bill.

Ajit Mishra, SVP – Research at Religare Broking, said the rebound helped the Nifty move back above the 23,300 mark after testing sub-23,000 levels during the day.

&quot;However, participants should not read too much into a single-day bounce and should wait for sustainability of the move, as the index continues to trade below key resistance zones,&quot; he said.

According to Mishra, the 23,600–23,900 band is likely to act as an immediate hurdle, while the 22,900–23,000 zone will remain an important support area on the downside.

Om Mehra, Technical Research Analyst at SAMCO Securities, said the 23,700 level remains a crucial resistance.

&quot;A sustained move above this zone will be required for a stronger recovery. Until then, the current move appears to be a short-term relief rally rather than a trend reversal,&quot; he added.

Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty witnessed a recovery as the index did not sustain below the 23,000 level and quickly moved back above it.

&quot;On the daily chart, the index has formed a piercing line pattern, which is a bullish reversal signal after a prolonged correction. Although the broader sentiment has not changed significantly, a near-term technical pullback cannot be ruled out,&quot; he said.

De added that the index may see a recovery towards the 23,800 level or higher. Immediate support is placed at 23,200 and a break below this level could lead to renewed weakness.

Meanwhile, Brent crude, the global oil benchmark, rose 1.41 percent to USD 104.4 per barrel.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Is today's market surge sustainable or is it a dead cat bounce? Analysts suggest levels to confirm trend reversal

Follow-up buying interest needed to gradually take Nifty convincingly beyond 24,000–24,100, Immediate resistance placed at 23,500–23,800, 23,000–22,950 can act as immediate support. Below this, 22,700 can't be ruled out

* Follow-up buying interest needed to gradually take Nifty convincingly beyond 24,000–24,100
* Immediate resistance placed at 23,500–23,800
* 23,000–22,950 can act as immediate support. Below this, 22,700 can't be ruled out

shorts/business/technical-view-follow-up-buying-crucial-for-nifty-rally-but-strong-bears-100-oil-and-elevated-vix-cap-upside-54-700-key-level-for-bank-nifty

The Nifty 50 rebounded with more than a one percent gain after a three-day losing streak, marking a good start to the week on March 16. This was on expected lines as momentum indicators and oscillators had entered extremely oversold territory, and the India VIX cooled off slightly. However, the overall trend remains favourable for bears, and experts advised using a sell-on-rally strategy as oil prices stayed above $100 a barrel amid Middle East tensions.

Follow-up buying interest will be needed in the upcoming sessions to gradually take the benchmark index convincingly beyond the 24,000–24,100 zone. Above this level, a further rally could be seen. Immediate resistance is placed at 23,500–23,800, while 23,000–22,950 can act as immediate support. Below this, 22,700 is the next level to watch, according to experts.

The Nifty 50 opened lower at 23,116 and corrected to 22,955 amid range-bound trading. However, the index regained strength in the last hour of trade and climbed to 23,502 before witnessing minor profit booking at higher levels, finally closing at 23,409, up 258 points (1.11 percent).

The benchmark index formed a long green candle with minor upper and lower shadows on the daily chart. Technically, this market action indicates a counterattack by bulls from the lower supports (the opening upside gap of April 15, 2025). This means the index climbed back above the long bullish gap (22,924–23,207).

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the underlying broader trend of the Nifty 50 remains weak, and the market is still not out of the woods.

The bearish pattern of lower tops and lower bottoms remains intact on the daily chart, and the opening downside gap of March 13 remains unfilled. The Relative Strength Index (RSI) was slightly below 30, though it rebounded to 29.68 from 24.15 in the previous session. The Moving Average Convergence Divergence (MACD) remained well below the reference and zero lines, while the histogram sustained below the zero line, although the weakness faded slightly.

“There is a crucial overhead resistance for the Nifty 50 placed around the 23,500–23,600 levels, and there is a higher possibility of a sell-on-rise opportunity in the market at this hurdle. Immediate support is placed at the 23,000 level,” Nagaraj Shetti said.

Weekly options data suggested that the Nifty 50 is expected to trade in the 23,000–24,000 range in the short term, as a decisive close on either side could provide a firm direction to the index, with immediate resistance at 23,500.

Meanwhile, the volatility index, India VIX, cooled off by 4.6 percent to 21.6 after rising sharply in the previous three sessions but remains in an elevated zone. A correction below 18 will be required for bulls to regain some control, while bulls will gain major comfort only if it falls below the 13 level.

Bank Nifty

The banking index, Nifty Bank, also snapped a three-day losing streak and rallied 656 points (1.22 percent) to 54,413. The index formed a bullish candle with upper and lower shadows on the daily timeframe, indicating a sharp rebound from lower levels amid volatility. However, the trend still favours bears as the lower-high, lower-low structure remains intact.

The daily Relative Strength Index (RSI) also showed a pullback to 28.24 after marking a low of 23, hinting at a short-term recovery, but it remains well below the signal line. The MACD remained near a multi-year low, while the histogram weakness faded considerably but continued to stay below the zero line.

“Going ahead, the 54,900–55,000 zone will act as a key hurdle for the index. A sustained move above 55,000 could extend the pullback rally towards the 55,500 level,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

On the downside, the 54,000–53,900 zone is expected to serve as a crucial support level, he added.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Technical View: Follow-up buying crucial for Nifty rally, but strong bears, $100+ oil and elevated VIX cap upside; 54,700 key level for Bank Nifty

Sensex jumps 938 points, Nifty closes above 23,400 after rebound, Auto, banking, FMCG stocks lead gains; midcap, smallcap fall, Over 800 stocks hit 52-week lows despite market recovery

* Sensex jumps 938 points, Nifty closes above 23,400 after rebound
* Auto, banking, FMCG stocks lead gains; midcap, smallcap fall
* Over 800 stocks hit 52-week lows despite market recovery

Indian benchmark indices rebounded after a three-day losing streak, with Nifty closing above 23,400 and Sensex up 939 points. Gains in auto, banking, and FMCG stocks led the recovery, while broader indices underperformed and over 800 stocks hit 52-week lows.

shorts/business/taking-stock-bulls-back-in-action-nifty-above-23-400-sensex-up-939-pts

After a three-day losing streak, Indian benchmark indices staged a strong rebound in a volatile session, with the Nifty 50 closing comfortably above the 23,400 mark, led by gains in auto, banking and FMCG stocks.

After a subdued start, Indian equity markets remained highly volatile throughout the session, oscillating between gains and losses. However, strong buying in the final hour helped benchmark indices erase intraday losses and close in positive territory.

At close, the Sensex was up 938.93 points or 1.26 percent at 75,502.85, and the Nifty was up 257.70 points or 1.11 percent at 23,408.80.

Broader indices underperformed the benchmarks, with the Nifty Midcap index falling 0.3%, while smallcap index declining 0.5%.

Also Read - Citi cuts Nifty target, warns Middle East war could squeeze growth, earnings and inflation

Biggest Nifty gainers included M&amp;amp;M, Grasim Industries, Trent, UltraTech Cement, HDFC Bank, while losers were Bharat Electronics, Wipro, Max Healthcare, Sun Pharma, Coal India.

On the sectoral front, auto, bank, FMCG, metal up 0.3-1%, while media, oil &amp;amp; gas, pharma, realty, capital goods down 0.5-2.7%.

Also Read - MC Exclusive: DBS Bank India to foray into equity capital markets business

In stock specific, HPCL, BPCL, IOC shares fall 3-4% post HSBC downgrades, Omnitech Engineering shares shed 1.5% after Q3 profit falls, IDBI Bank stock crashed 17% on reports of govt may scrap majority stake sale, Tejas Networks shares rose 5% on selecting for a 4G network expansion project in South Asia, Bajel Projects shares gained 20% on EPC contract win worth over Rs 700 crore, Izmo shares added 5% on partnership with CCRAFT and Alcyon Photonics.

Also Read - Startup IPO reality check: 8 of 15 listings from 2025 now trade below issue price

More than 800 stocks touched their 52-week low, including Gujarat Gas, Deepak Nitrite, AAVAS Financiers, Titagarh Rail Systems, Berger Paints, Triveni Turbine, Mahanagar Gas, Tata Chemicals, Chambal Fertilisers, Alok Industries, CE Info Systems, JK Lakshmi Cement, Bata India, Relaxo Footwear, PCBL Chemical, Gujarat State Petro, Trident, Ircon International, Mastek, ITC Hotels, among others. Click to View More

Also Read - India must develop longer tenure derivative contracts, says former SEBI WTM Ananth Narayan

Outlook for March 17

Gaurav Udani, Founder - Thincredblu Securities

Nifty staged a meaningful recovery today after briefly slipping to an intraday low of 22,955, eventually closing at 23,350, up about 200 points. The rebound was supported by relatively healthy volumes, suggesting that the 22,900–23,000 zone is emerging as an important near-term support area.

Such recoveries after sharp declines often indicate the presence of value buying at lower levels. However, the broader structure is yet to decisively turn bullish. On the upside, 23,600–23,700 remains a key resistance band, where the index may face supply on any further recovery.

In the current environment, markets are likely to remain sensitive to global developments and news flow, which could keep volatility elevated. Traders with a higher risk appetite may consider a buy-on-dips approach, but with 22,900 as a strict stop-loss, while maintaining disciplined risk management.

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty witnessed a decent recovery as the index did not sustain below 23,000 and quickly moved back above this level. On the daily chart, the index has formed a piercing line pattern, which is a bullish reversal signal after a prolonged correction. Although the broader sentiment has not changed significantly, a near-term technical pullback cannot be ruled out.

On the higher side, the index may witness a recovery towards 23,800 or even higher. On the lower end, immediate support is placed at 23,200; a break below this level could push the index back into weakness.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Taking Stock: Bulls back in action; Nifty above 23,400, Sensex up 939 pts

Live: Late-recovery in markets, Nifty rises 1% led by bank, auto stocks | Closing Bell

10 out of 17 years NIFTY PHARMA has given positive returns in March.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	22,885.03	23,222.87	23,480.48	22,627.42	22,289.58	22,031.97	21,694.13
Fibonacci	22,854.88	22,995.40	23,222.87	22,627.42	22,399.95	22,259.43	22,031.97
Camarilla	22,601.78	22,656.37	22,710.95	22,627.42	22,492.62	22,438.03	22,383.45

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