TECHNICAL OUTLOOK

The Nifty navigated a corrective yet structurally resilient phase in March, marked by heightened volatility and a sharp breakdown from recent swing highs, while continuing to respect its broader rising channel framework.

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This led to a swift decline towards the lower band of the channel, where prices approached the golden 61.8% Fibonacci retracement zone and drew selective buying interest.

The latter half of the period brought greater stability, as the index attempted to form a base near both the lower channel boundary and the 61.8% Fibonacci level. Recent pullbacks and recovery candles pointed to strong demand at lower levels, offering early signs that the selling pressure was beginning to ease.

Momentum indicators turned negative and tested oversold territory, with the RSI drifting below the lower zone before showing a modest recovery, a development that hints at a degree of underlying bullishness. The absence of further selling, combined with early signs of positive divergence, suggests the potential for a reversal from current levels.