Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 19 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open with a positive bias despite mixed global market cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,960 level, a premium of nearly 66 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market indices saw a strong rally, with the benchmark Nifty 50 closing above 22,800 level.

The Sensex jumped 1,131.31 points, or 1.53%, to close at 75,301.26, while the Nifty 50 settled 325.55 points, or 1.45%, higher at 22,834.30.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex rallied 1,131.31 points, or 1.53%, to close at 75,301.26 on Tuesday, with the market hitting one-month high.

“Technically, after a long consolidation, the Sensex successfully surpassed the 74,500 resistance zone, and following this breakout, positive momentum intensified. Additionally, the index is currently trading comfortably above the 20-day SMA (Simple Moving Average), which also indicates a further uptrend from current levels. We believe that the short-term market outlook is bullish; but for day traders, buying on intraday corrections and selling on rallies would be the ideal strategy,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

According to him, in the near future, 75,000 and 74,500 will act as key support zones, while 75,600 and 75,800 could serve as profit-booking areas for day traders.

Nifty OI Data

Nifty Open Interest (OI) data highlights strong resistance at 23,000 and 23,400 on the call side, while the 22,300 put strike provides a key support zone. The broader market outlook remains positive, and a breakout above 22,600 could lead to further upside momentum, said Mandar Bhojane, Research Analyst at Choice Broking.

He suggests traders should keep a close watch on key levels for confirmation of the next trend direction.

Nifty 50 Prediction

Nifty 50 witnessed an excellent upside breakout on March 18 and closed the day higher by 325 points, above the 22,800 level.

“A long bull candle was formed on the daily chart that has surpassed the crucial overhead resistance of around 22,700 – 22,800 levels (previous opening downside gap of 24th March and resistance as per change in polarity) and closed higher. Technically, this market action signals a decisive upside breakout of the important overhead resistance. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the short-term trend of Nifty 50 is positive, and having moved sharply above the hurdle, one may expect Nifty 50 to advance towards the next resistance of 23,100 – 23,200 levels in the next few sessions (down sloping trend line). Immediate support is placed at 22,700 levels.

Om Mehra, Technical Analyst, SAMCO Securities highlighted that the Nifty 50 index formed a bullish candle with a large body on the daily chart, indicating strong bullish momentum.

“The daily RSI has moved above the 50 mark, hinting at improving market breadth. Nifty 50 has reclaimed its position above the 20 DMA after a long time and closed positive for a consecutive session. The support is placed at 22,700, while the resistance stands at 23,000, followed by 23,100,” said Mehra.

The India VIX, the fear gauge, declined 1.56% to settle at 13.21. This drop in volatility suggests a bullish outlook; however, a slightly cautious approach may be optimal for the next directional move, he added.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. said that the Nifty 50 crossed the hurdle of the bearish gap placed at 22,668 – 22,720 and formed a bullish candle on the daily chart.

“Moreover, the index has surpassed the 22,800 level, which was the previous breakdown point, indicating strength. Immediate support for the Nifty 50 is placed near 22,700, while trend line resistance is positioned around 23,000. Given the overall bullish momentum, traders are advised to adopt a ‘buy on dips’ strategy in the short term,” said Yedve.

Bank Nifty Prediction

Bank Nifty closed 960.35 points, or 1.99%, higher at 49,314.50, on Tuesday, forming a strong bullish candle on the daily chart.

“Bank Nifty gained for the fourth session in a row as it formed a strong bull candle with a higher high and higher low and a bullish gap below its base (48,480 – 48,629) highlighting a positive follow through after a positive opening. The index gained from strength to strength and moved above the 20- & 50-days EMA (Exponential Moving Average) highlighting strength,” Bajaj Broking Research said in a note.

Going ahead, it expects the Bank Nifty index to maintain positive bias and head towards 50,000 and 50,600 levels in the coming sessions. While immediate support is placed at 48,400 – 48,600 levels being the confluence of 20 days EMA and the Tuesday gap up area.

Om Mehra noted that the Bank Nifty index formed a bullish candle following a breakout from the declining trendline and is now holding above the 50 DMA.

“Bank Nifty is sustaining above the previous resistance of 49,000, which could push the index toward the psychological 50,000 mark. The index showed strength, holding above the hourly supertrend. The daily Relative Strength Index (RSI) hovers above 55, indicating balanced momentum with a slight bullish bias. The immediate support is placed at 48,950, while resistance stands at 49,800, followed by 50,100,” said Om Mehra.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.