Nifty outlook for Monday: 'Doji' on weekly chart hints at possible reversal; levels to watch
Nifty technical view: Vinay Rajani, Senior Technical Research Analyst at HDFC Securities said “Doji” candlestick on the weekly chart indicated the potential for a bullish reversal.
- Mar 20, 2026,
- Updated Mar 20, 2026 5:51 PM IST
Nifty gained half-a-per cent on Friday, closing almost where it opened on Monday, forming a 'Doji' candle on the weekly chart. The formation, after three weeks of bearish candles, hinted at a potential reversal, said technical analysts. Daily candlestick also hinted at a bullish reversal pattern, they added.
Vinay Rajani, Senior Technical Research Analyst at HDFC Securities said “Doji” candlestick on the weekly chart indicated the potential for a bullish reversal. Additionally, Rajani said, the RSI on weekly charts has shown positive divergence, reinforcing the possibility of a trend turnaround.
"However, for confirmation, the index must hold its recent swing low support at 22,930. On the upside, 23,378 and 23,868 remains a critical resistances for the coming sessions," he said.
For the day, Nifty closed at 23,114.50, up 112.35 points or 0.49 per cent.
On the hourly chart said Rupak De, Senior Technical Analyst at LKP Securities, the rising Nifty faced resistance at the 21-EMA on Friday, before easing a bit.
"On the daily chart, a 'Bullish Harami Cross' has formed, which is a bullish reversal pattern. In the short term, the trend may improve with the potential to rise towards 23,400–23,600. On the lower end, 22,950–23,000 remains a key support zone, below which bearishness may re-emerge," he said.
Ajit Mishra – SVP, Research, Religare Broking said the 23,400-23,600 zone is likely to act as a resistance area for Nifty in case of a rebound, while 22,800 remains a critical support level.
"A break below this level could lead to further downside towards the 22,500 mark, despite the oversold conditions. As most sectors continue to face pressure, participants should maintain a stock-specific approach, focusing on relatively stronger stocks for long opportunities and weaker counters for short positions," he said.
Nifty gained half-a-per cent on Friday, closing almost where it opened on Monday, forming a 'Doji' candle on the weekly chart. The formation, after three weeks of bearish candles, hinted at a potential reversal, said technical analysts. Daily candlestick also hinted at a bullish reversal pattern, they added.
Vinay Rajani, Senior Technical Research Analyst at HDFC Securities said “Doji” candlestick on the weekly chart indicated the potential for a bullish reversal. Additionally, Rajani said, the RSI on weekly charts has shown positive divergence, reinforcing the possibility of a trend turnaround.
"However, for confirmation, the index must hold its recent swing low support at 22,930. On the upside, 23,378 and 23,868 remains a critical resistances for the coming sessions," he said.
For the day, Nifty closed at 23,114.50, up 112.35 points or 0.49 per cent.
On the hourly chart said Rupak De, Senior Technical Analyst at LKP Securities, the rising Nifty faced resistance at the 21-EMA on Friday, before easing a bit.
"On the daily chart, a 'Bullish Harami Cross' has formed, which is a bullish reversal pattern. In the short term, the trend may improve with the potential to rise towards 23,400–23,600. On the lower end, 22,950–23,000 remains a key support zone, below which bearishness may re-emerge," he said.
Ajit Mishra – SVP, Research, Religare Broking said the 23,400-23,600 zone is likely to act as a resistance area for Nifty in case of a rebound, while 22,800 remains a critical support level.
"A break below this level could lead to further downside towards the 22,500 mark, despite the oversold conditions. As most sectors continue to face pressure, participants should maintain a stock-specific approach, focusing on relatively stronger stocks for long opportunities and weaker counters for short positions," he said.