Nifty’s Outlook for March 3, 2023: Go long now and at 17,580

Fancy March 50 Futures (17,605)

Nifty 50 and Sensex are up sharply and are trading strongly today. The downward pressure is easing. The sharp rise in the Dow Jones Industrial Average overnight has helped benchmark Indian indices into a good uptrend today. Both the Sensex and Nifty 50 are up over a percent. Nifty is 17,512 and Sensex is 59,543.

Nifty is well above 17,400. If this momentum holds, it can continue to climb to 17,600-17,700 in the coming sessions. In fact, a strong close today around 17,500 would bode well for further gains next week.

Global indices

In Asia, all major indices are traded green. Nikkei 225 (27,920) is up 1.5 percent. Shanghai Composite (3,316), Kospi (2,430), and Hang Seng (20,575) are all in the 0.15 to 0.7 percent range.

In the US, the Dow Jones (33,003.57) rose 1.05 percent on Thursday. It is important to see whether or not it gets a strong following surge from here. A further rise from here may take it to 33,500-33,700 next.

Clever 50 futures

Nifty 50 March futures (17,605) are up 1.18 percent. It has broken above the key intraday resistance level of 17,570. If manages to hold above 17,570, see further advance to 17,630-17,650 and even 17,700 in the coming sessions.

trading strategy

Traders can now go long and accumulate on dips at 17,580. Keep the stop loss at 17,545. Follow the stop loss to 17,625 once the contract moves up to 17,645. Move the stop further to 17,655 when the contract touches 17,670. Exit the longs at 17,680.

Supports: 17,570, 17,500

resistors: 17,650, 17,700