However, if bulls take the Nifty above 17,250, the index may move towards 17,500–17,600, whereas on the lower end, support remains intact at 16,950, he said. On the higher end, immediate resistance is placed at 17,250, where the bears might try to return to the market," Rupak De, Senior Technical Analyst at LKP Securities said. "A Doji pattern followed by a recovery candle on the daily chart indicates the possibility of a bullish reversal. The BSE Sensex climbed 355 points to 57,990, while the Nifty50 jumped 114 points to 17,100 and formed a long-legged Doji candlestick pattern for the second consecutive session, making higher high higher low formation, indicating that the market may be looking for a rebound. The rescue package from 11 US banks for First Republic Bank and the financial aid to Credit Suisse from Swiss Central Bank, along with the fall in oil prices supported the market. Banking and financial services, technology and metal stocks led the charge. The market extended an uptrend for the second straight session, driven by the rebound in late trade on March 17.
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