The Indian stock market witnessed strong volatility in the previous trading session as Nifty 50 successfully hit the 23,400 level after a strong breakout above 23,220 on the 15-minute chart.
Traders who entered long positions after the breakout candle managed to capture the rally toward the first target of 23,400.
However, despite the bullish move, the market remained highly volatile due to FII selling pressure and global uncertainty caused by rising crude oil prices.
With weekly expiry approaching, traders are now closely watching the Nifty 50 opening levels for 17 March.
Two key scenarios are currently emerging for tomorrow’s market movement.
