Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 21 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted opening on Friday, tracking mixed global market cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 23,217 level, a premium of nearly 17 points from the Nifty futures’ previous close.

On Thursday, the domestic equity market ended higher for the fourth consecutive session, with benchmark Nifty 50 closing near 23,200.

The Sensex jumped 899.01 points, or 1.19%, to close at 76,348.06, while the Nifty 50 settled 283.05 points, or 1.24%, higher at 23,190.65.

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

Sensex Prediction

The Indian stock market indices continued their positive momentum for the fourth day in a row, with the Sensex rising by 899 points.

“Technically, Sensex successfully cleared the 50-day SMA (Simple Moving Average) level and the 75,700 resistance zone, which is largely positive. Additionally, it formed a bullish candle on daily charts, supporting a further uptrend from the current levels. We believe that the overall market sentiment is bullish, but buying on dips and selling on rallies would be the ideal strategy for day traders,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

According to him, in the near future, 76,000 and 75,700 or (the 50-day SMA) will be key support zones for Sensex, while 765,00 and 76,800 could serve as key resistance areas for day traders. However, if Sensex falls below 75,700, sentiment could change, and below this level, traders may prefer to exit their long positions.

Nifty OI Data

On the Nifty options front, maximum Call OI (Open Interest) is at 23,500 then 23,000 strike while Maximum Put OI is at 23,000 then 22,500 strike. Call writing is seen at 23,400 then 23,200 strike while Put writing is seen at 23,000 then 23,200 strike, said Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.

Option data suggests a broader trading range in between 22,800 to 23,800 zones while an immediate range between 23,000 to 23,400 levels, he added.

Nifty 50 Prediction

Nifty 59 continued with a sharp upside momentum on March 20 and closed the day with hefty gains of 283 points.

“A long bull candle was formed on the daily chart, which indicates a sharp upside breakout in the market. Nifty 50 is now placed at the long-term resistance of around 23,200 levels (intermediate down sloping trend line as per weekly timeframe chart). Present strong upside momentum indicates possibility of an upside breakout of the hurdle,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to Shetti, the underlying trend of Nifty 50 is strongly positive and a decisive upside breakout of 23,200 levels could pull Nifty 50 towards another resistance of 23,800 levels in the near term. Immediate support is placed at 23,070.

Om Mehra, Technical Analyst, SAMCO Securities, noted that the Nifty 50 index formed a runaway bullish candle, indicating the continuation of upward momentum.

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“Nifty is sustaining above the 61.8% Fibonacci retracement level, which is placed at 23,110. Additionally, Nifty 50 is trading above the daily supertrend and the 50-day moving average (DMA), further confirming the bullish sentiment. The daily RSI remains comfortably above 60 levels. As long as 22,950 is held on a closing basis, the uptrend is likely to remain intact, making a buy-on-dips strategy favourable,” Mehra said.

For any pullback, the immediate support is positioned at 23,080, followed by 23,050, he added.

VLA Ambala, Co-Founder of Stock Market Today said that the market formed a bullish belt-hold candlestick pattern, with the RSI standing at 61, signaling a buy-on-dip strategy for both intraday and swing trades.

“Nifty can find support between 23,150 and 23,120 and meet resistance near 23,400 and 23,490 in the next market session,” Ambala said.

Bank Nifty Prediction

Bank Nifty rallied 0.72% to close at 50,062.85 on Thursday, extending gains for the sixth session in a row as it formed a fourth consecutive bull candle with a higher high and higher low highlighting strength and extension of the up move.

“Going ahead, we expect Bank Nifty index to maintain positive bias and head towards 50,600 levels in the coming sessions, being the upper band of the last 10 weeks consolidation range. While immediate support placed at 49,200 – 49,000 levels being the confluence of key retracement of current up move and 50 days EMA. The index in the last 10 weeks has been consolidating in the broad range of 47,700 – 50,600. Buying demand has recently emerged from the lower band of the range,” Bajaj Broking Research said.

It believes a breakout above the upper band will signal a major reversal of corrective trend and can open upside towards 51,500 – 52,000 levels in the coming weeks.

Om Mehra highlighted that the Bank Nifty index maintained a strong upward trajectory, closing higher in hitherto all the sessions this week.

“The Bank Nifty index is now inching closer to the previous swing high of 50,642, and a decisive breakout above this level could significantly strengthen bullish momentum. The daily RSI remains comfortably above 60, indicating sustained buying interest. A minor resistance is seen at 50,380, where the 100 DMA is positioned. Any pullback towards the 49,650 – 49,700 zone could offer a buying opportunity, as the broader trend continues to favour the bulls,” Mehra said.

According to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd, the Bank Nifty index managed to hold key support at 49,650 and successfully crossed the 50,000-resistance level, forming a green candle.

“The next major resistance for the index is placed near 50,640, which coincides with its previous swing high. As long as Bank Nifty remains above 49,650, the bullish momentum is expected to continue. Traders are advised to adopt a ‘buy on dips’ approach to capitalize on short-term opportunities,” said Yedve.

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.