Nifty may take one more dip before taking off..

After Silicon Valley Bank and Credit Suisse events that have shaken up both US and EU banking systems, global indices are experiencing some extreme volatility and negative sentiment. This combined with Hawkish stance of Central banks have sent investors in the panic mode. Though our banking systems look pretty solid and the global events have less significance on our economy, right now NIFTY is feeling the ripple effect of the global crisis and is trying to find a bottom. It found a pretty solid support near 16850 this week from which it has bounced.

The supported can be tested once again, if it holds we can see Nifty bouncing later in the coming week or weeks. US Federal Reserve’s meet later this week will decide the course of Nifty going further. Next week is One of the most significant weeks of 2023 so far if not the most significant week.

Nifty Supports are: 17062, 16959, 16850 and finally if things go wrong in the FOMC meet we may also see 16747.
Nifty Resistance are: 17156, 17235, 17328 and finally 17453. Above 17453 50 and 200 EMA 17556 and 17652 will be the resistances.