Market Update

NIFTY HOURLY CHART

SUPPORT: 22250-21700 RESISTANCE: 23500

NIFTY falls below to 23000 level from Wednesday's high of 23465, resuming downtrend to 22000-21700 level, which are crucial support levels for the long term trend, nullifying Trump's TACO move led optimism rally that looked like a breakout on hourly chart, and gave a reality check to the market.

As we head into April month expect pressure on crude prices and fuel cost to rise, Brent crude is not realistically reflecting crude basket for the Asian countries like India which is 40-50% higher at $147/bbl.

In the intraday a bounce to 23100 may provide opportunity to add short position for the expiry target of 22400-22000. The market sentiment to remain ’Sell on Rise’ as the cascading impact of global energy shock becomes visible in the economic activity.

In case the Nifty is able to sustain above 23500 with visible down move in Crude price & USD/INR, the market may enter risk-off sentiment and a corrective bounce to 24000-24400 for a broader relief rally on weekly time-frame.


Read full of Analysis of Nifty50 here for broader view.

Tradzo maintains cautious view and Nifty target of 19000-17000 for 2026 as per Global Macro-economic headwinds led Recessionary-Tail Risk and advice to reduce weak long positions in overvalued stocks based on trailing valuations and ignoring over-estimated forward ratios.

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Tradzo Research
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