Nifty Closes Higher But Faces Key Resistance Near 23,600-23,700
By HDFC SKY | Updated at: Mar 17, 2026 05:28 PM IST
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The relief rally that started from the lows of 22955 on Monday has extended on Tuesday and Nifty closed the day higher by 172 points amidst volatility. After opening on a positive note, Nifty continued to surge higher for better part of the session. The crucial resistance of Monday’s opening upside gap has been filled completely around 23550 levels and Nifty closed around it.
A reasonable positive candle has been formed on the daily chart with minor upper and lower shadow. Technically, this market action indicates a formation of high wave type candle pattern after a rise and at the immediate hurdle. This could be a challenging factor bulls to sustain above 23600-23700 levels in the short term.
The underlying short term trend of Nifty is positive, but the market is not completely out of danger, unless it closes above 23600-23700 levels in the short term. Any failure to sustain the highs could possibly form a new lower top in the market and subsequent weakness. Immediate support is placed at 23350 levels.
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