Trade setup for March 26: Nifty likely to stay rangebound for now? From market cues to technical signals and key levels to track

Indian equity benchmarks failed to make it to the green in yet another choppy session on Friday, closing lower for the third day in a row. Globally, the Fed's hawkish mood, shifts in Chinese economic policy and harsh movements in commodity markets thanks to the Ukraine crisis remained in focus.What do the charts suggest for Dalal Street now?The Nifty50 has formed a small negative candle on the daily chart with a lower shadow, having moved within a narrow range of 17,400-17,000 in the past five sessions, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.A decisive move outside of the range can be expected going forward, according to Shetti. Time to focus on specific stocksUntil the 50-scrip index breaks out of the 17,000-17,400 range, traders should find better opportunities in specific stocks, said Ruchit Jain, Lead Research at 5paisa.com."We could continue to see stock-specific momentum amidst this consolidation and only a breakout will lead to any directional move," he said.Here are key things to know about the market before the March 28 session:SGX NiftyAt 7:28 am on Monday, Singapore Exchange Nifty futures -- an early indicator of the Nifty index -- were down three points at 17,188, suggesting a muted start ahead on Dalal Street.Global marketsEquities in other Asian markets slid as the coronavirus lockdown in Shanghai looked set to hit global activity. MSCI's broadest index of Asia Pacific shares outside Japan was down 0.7 percent in early hours.Japan's Nikkei 225 was down 0.5 percent, China's Shanghai Composite 0.8 percent and South Korea's KOSPI 0.1 percent. Hong Kong's Hang Seng and Singapore's Straits Times were up 0.3 percent each.S&P 500 futures were down 0.3 percent. On Friday, Wall Street's three main indices finished on a mixed note, as tech stocks took a breather after a rally. The S&P 500 rose 0.5 percent and the Dow Jones 0.4 percent, but the Nasdaq Composite dipped 0.2 percent.What to expect on Dalal StreetThe first half of this week will certainly give a fair idea about the short-term direction, Sameet Chavan, Chief Analyst-Technical and derivatives at Angel One, told CNBCTV18.com. "Till then, levels of 17,350-17,450 are to be considered immediate hurdles... Since the banking index has approached key support at 35,200-34,800, we hope it to take some charge from hereon," he said."If there is no aberration globally, we are most likely to hold the sacrosanct support zone of 17,000-16,900," said Chavan, who expects the broader market to continue to perform well.HDFC Securities' Shetti believes the underlying trend of the 50-scrip benchmark continues to be rangebound with a weak bias.However, a broader uptrend remain intact as long as the Nifty sustains above 16,800, a decisive decline below which is likely to trigger correction, and a sustainable move above 17,450 could lead to renewed buying interest in the market this week, he said.Levels to watch out forMohit Nigam, Head-PMS at Hem Securities, pointed out the following levels:IndexSupportResistanceNifty5017,00017,350Nifty Bank35,30036,000FII/DII activityProvisional exchange data shows foreign institutional investors net sold Indian shares worth Rs 1,507.4 crore on Friday. However, domestic institutional investors made net purchases of Rs 1,373 crore.Call/put open interestThe maximum call open interest is accumulated at the strike price of 18,000, with 1.6 lakh contracts, and the next highest at 18,500, with 1.2 lakh contracts, according to exchange data. The maximum put open interest is at 16,000, with 1.5 lakh contracts, and 16,500 and 17,000, with around 94,000 each.This suggests major resistance being at the 18,000 mark, followed by 18,500, and immediate support comes in at 17,000 followed by 16,500.Long build-upHere are two stocks that saw an increase in open interest as well as price:SymbolCurrent OICMPPrice change OI change INTELLECT8,25,000863.151.22%10.82%NAM-INDIA27,44,000347.552.49%1.98%Long unwindingSymbolCurrent OICMPPrice change OI change ASTRAL7,82,1001,969.45-3.43%-35.58%TATASTEEL3,14,83,5751,337.15-1.03%-16.36%FSL1,29,22,000131.9-1.46%-15.31%CHAMBLFERT24,28,500410.6-1.53%-14.89%ABFRL1,09,74,600294.55-0.72%-14.62%Short-coveringSymbolCurrent OICMPPrice change OI change ADANIPORTS4,09,35,0007461.37%-25.47%L&TFH4,39,68,54881.94%-23.97%ADANIENT1,70,22,5001,8732.07%-17.11%HINDALCO3,24,12,325621.750.03%-14.48%PERSISTENT3,06,7504,6740.28%-12.62%Short build-upSymbolCurrent OICMPPrice change OI change ONGC3,24,94,000175.8-1.24%1.35%GSPL22,79,700263.35-2.93%0.37%52-week highsA total of 19 stocks on the BSE 500 hit 52-week highs: ATGL CHALET CHOLAFIN CREDITACC CUMMINSIND DELTACORP GNFC HINDALCO INDHOTEL INOXLEISUR JINDALSTEL LEMONTREE NH PVR RHIM SUPPETRO SUVENPHAR TATAELXSI VIPIND52-week lowsThree stocks hit 52-week lows: Godrej Industries, Castrol and Max Financial.Fear gaugeThe India VIX -- also known as the fear index -- eased 2.1 percent to settle at 23.4 on Friday. Last month, Russia's move to invade Ukraine had pushed the gauge to a 20-month high of almost 34.

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Trade setup for March 26: Nifty likely to stay rangebound for now? From market cues to technical signals and key levels to track

By Sandeep Singh Mar 28, 2022 7:31:09 AM IST (Updated)

Trade setup for Monday, March 28: Experts say the Nifty50 is likely to continue to be in a range with a weak bias but it is an opportune time for traders to look out for stock-specific moves. Here's what the technical charts suggest for the coming session.

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Trade setup for March 26: Nifty likely to stay rangebound for now? From market cues to technical signals and key levels to track

By Sandeep Singh Mar 28, 2022 7:31:09 AM IST (Updated)

Trade setup for Monday, March 28: Experts say the Nifty50 is likely to continue to be in a range with a weak bias but it is an opportune time for traders to look out for stock-specific moves. Here's what the technical charts suggest for the coming session.

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