As of March 20, 2025, the Nifty 50 index is poised to continue its upward momentum, having closed at 22,908 on March 19. Technical analysis suggests that the Nifty is likely to reclaim the 23,000 mark, with immediate resistance levels identified at 23,000 and 23,100. Support is anticipated in the 22,700-22,650 zone.
The Bank Nifty index also demonstrated strength, closing at 49,703 on March 19. Analysts predict that the index may surpass the 50,000 level, with resistance expected between 49,800 and 50,300, and support in the 49,000-48,500 range.
These projections are underpinned by bullish candlestick patterns and sustained higher highs-higher lows formations in both indices, indicating robust market sentiment.
However, it’s essential to consider global cues and economic indicators, such as the recent U.S. Federal Reserve policy meeting outcome, which was in line with expectations and may influence market dynamics.
Investors are advised to monitor these support and resistance levels closely and stay informed about global economic developments to make well-informed trading decisions.
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