Support- 16980-17000 Resistance- 17300 and second resistance a | Stock Shiksha

Support- 16980-17000
Resistance- 17300 and second resistance at 17500

As mentioned in yesterday's view, Nifty took support near 16850 and bounced back above 17100. And this support zone is now more significant for bull market to remain intact. But still there is weakness because there is lower high formation in short term which will be broken above 17300 this is why this level will be resistance for today. If Nifty gives breakout above 17300 then we will see 200 points of rally in upside.

Fundamentally, gradually Russia Ukraine tension impact on market will be reduced in upcoming days but still can change the direction of market if any unexpected action(either from Russia or Ukraine) comes. Focus will shift to inflation in US and Fed's next move in March. Volatility will remain for next 3 weeks. We are near monthly F&O expiry and hence some wild move can be expected. Trade with strict stop loss and trade in both sides. Buy near support, sell near resistance.