!Nifty

As of the market close on March 17, 2026, the Nifty 50 has shown a strong technical recovery, reclaiming the 23,500 level and closing at 23,581.15 (+0.74%). This marks the second consecutive day of gains, totaling a recovery of about 430 points from recent lows. Here is a breakdown of the current market structure for your trading plan: Technical Outlook The Pullback: The recent move is largely seen as a "relief rally" triggered by short-covering from oversold zones (RSI was near 23 recently). Key Resistance: Immediate overhead resistance is at 23,650 – 23,700. A decisive daily close above 23,700 is needed to signal a shift from "sell-on-rise" to a more sustainable uptrend. Strong Support: The 23,300–23,350 zone is now the immediate floor. A breach below this could re-test the 23,000 psychological level. Candlestick Pattern: The formation of a bullish candle suggests buyers are stepping in at lower levels, but the "gap-down" from March 13 still remains an open target for the bulls to fill.