Share Market Weekly Technical Report – March 31, 2023

Future outlook

The financial year 2023 adieu on a positive note, wherein the benchmark index finally headway to emerge from the slumber phase on the very last day of the year. Overall, the truncated week was quite challenging as the market initially stayed within a slender range, but the last two sessions were surprisingly buoyant, which levitated the sentiments and led to the hope of revival in the coming period. Amidst all the whipsaw moves throughout the week, the Nifty50 index concluded on a positive note, procuring nearly 2.50 percent from its previous closure and settled a tad above the 17350 level.

Technically speaking, the last two trading sessions construe positive developments and it is highly anticipated to continue the cheerful run in the upcoming financial year. The broad-based buying has levitated market sentiments and can be seen as a sign of progression as we emerged from the slumber phase. As far as levels are concerned, the bullish gap of the 17200-17130 odd zone is expected to cushion any short-term blip, with the sacrosanct support placed around the psychological mark of 17000 for the time being. While on the higher end, a decisive move beyond the bearish gap of 17450-17580 would affirm the trend reversal in the market.

Going forward, we remain sanguine with the current momentum and would advocate the traders to utilize the dips to add long positions in the index in the comparable period. Simultaneously, one should stay abreast with global and domestic developments regularly and continue with a buy on decline strategy for the time being. Also, we expect strong moves in the broader market, so one needs to have a stock-centric approach for better trading opportunities.