Market setup: Can Nifty take out congestion zone of 17,300-17,600?

It is a very remarkable price action on the Nifty over the last few days. The high of Nifty has almost been same, 17,350 and thereabout. March 17 it was 17,344, March 21 was 17,353 and on March 22 it was 17,334. The low has been getting lower by almost 100 points. So the well documented congestion zone, 17,300 to 17,600 – can Nifty take that out? One will have to wait and watch.

Trade setup for March 23: Nifty takes out 50 DMA but can it conquer 100 DMA next? Check out key market cues, important levels, technical chart signals

On COVID-19, the market wants to price in whether it leads to economic disruption or not. The market doesn’t care about the human angle of it. That is something which is very difficult to deal with.

Also Read: Asian Paints, Adani Ports, SBI, Infosys, TCS, HCL Tech and more: Top stocks to watch out for on Mar 23