Nifty Stages Relief Rally But Overhead Resistance Keeps Bears in Control

Authored By HDFC SKY | Last Modified: Mar 16, 2026 05:28 PM IST

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Bulls finally cheered with relief rally on Monday and Nifty closed the day higher by 257 by late hour surge. After opening on a weak note, the market stayed negative for better part of session. However, sharp buying has emerged after 2pm on Monday that led to sharp bounce back in Nifty to close near the highs.

A long bull candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action indicates counter attack by bulls from the lower supports (opening upside gap of 15^th April 2025)

The underlying broader trend of Nifty remains weak and the market is still not out of woods. The bearish pattern like lower tops and bottoms is intact on the daily chart and the opening downside gap of 13^th March remains open.

There is a crucial overhead resistance placed around 23500-23600 levels and there is a higher possibility of sell on rise opportunity in the market at the hurdle. Immediate support is placed at 23000 levels.

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