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Nifty Technical Analysis by Nagaraj Shetti

by Mr. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
🕗 Last Updated:  14 March 2026, 6.00 PM

Technical Analysis of the Market by Nagaraj Shetti

Analysis for 16 March 2026

The sharp downside momentum continued in the market for the third consecutive sessions on Friday amidst middle east conflict and rising International crude oil prices and Nifty closed the day lower by 488 points. After opening on a weak note, the market continued to slide lower further for better part of the session. Intraday upside recoveries in between have been used as sell on rise opportunity.

A long bear candle has been formed on the daily chart that made a new swing low of 23112 levels on Friday. Nifty has entered the support of previous opening upside gap area of 15th April 2025 around 23200-22900 levels. Though, Nifty placed near the supports, still there is no confirmation of any bottom reversal pattern forming. This is not a good sign.

 

The underlying trend of the market is sharply down. There is a higher possibility of Nifty showing minor pullback from near the lows of around 22900 by next week, if it fails to do so, then one may expect more weakness down to 22500-22000 levels in the near term. Immediate resistance is placed at 23500.

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Stock recommendations by Nagaraj Shetti

Who is Nagaraj Shetti?

Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.