Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 26?

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher following positive cues from global markets.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,758.00 level, a premium of 53 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market ended with modest gains amid high volatility, extending its winning streak for the seventh consecutive session.

The Sensex rose 32.81 points, or 0.04%, to close at 78,017.19, while the Nifty 50 settled 10.30 points, or 0.04%, to close at 23,668.65.

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

Sensex Prediction

Sensex witnessed some profit booking at higher levels on Tuesday and ended up by 33 points, forming a shooting star kind of formation on the daily charts, indicating potential weakness from the current levels.

“We are of the view that after a promising uptrend rally, the market is currently experiencing some profit booking at higher levels. However, the short-term texture of the market remains positive. For day traders, 77,700 would be the key support zone. Above this level, Sensex could retest the range of 78,300 to 78,500. On the flip side, a dismissal of 77,700 could alter market sentiment. Below this level, Sensex could slip to 77,300 – 77,200,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty 50 Prediction

Nifty 50 slipped into weakness from the highs and closed with minor gains at 23,668.65, on March 25.

“A small red candle was formed on the daily chart with upper and lower shadow. Technically, this market action signals an emergence of selling pressure from the overhead resistance of around 23,800 levels with high volatility. The overall market breadth was negative with weakness seen in broad market indices,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the near-term uptrend of Nifty 50 remains intact and having bounced back sharply in the last 5-6 sessions, the correction from the highs was due.

“However, the present consolidation or dip is unlikely to damage the underlying uptrend of the market. Immediate support to be watched around 23,400 and any consolidation or minor weakness could be a buying opportunity. On the upper side, a decisive move above 23,900 could open further upside towards 24,200 levels,” Shetti said.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. highlighted that the Nifty 50 formed a red candle with a long upper shadow on the daily chart, indicating selling pressure at higher levels.

“Nifty 50 index failed to sustain above the 23,810 hurdle, suggesting weakness. However, it is still holding above the 100-Days Simple Moving Average (100-DSMA), placed near 23,500, which will act as immediate support. A breakout above 23,810 could drive the Nifty 50 towards the 24,080 levels, where the 200-DSMA is positioned, while sustaining below 23,500 could lead to further weakness towards the 23,300–23,200 range,” said Yedve.

According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 can expect support between 23,650 and 23,580 and find resistance near 23,870 and 24,000 in today’s intraday trading session.

Bank Nifty Prediction

Bank Nifty index faced profit booking and closed 97.00 points, or 0.19%, lower at 51,607.95 on Tuesday.

“Technically, Bank Nifty encountered resistance near the 52,000 level and formed a red candle on the daily chart, indicating weakness. On the downside, the 200-Days Simple Moving Average (200-DSMA), placed near 50,980, will act as key support for the index. As long as Bank Nifty holds above 50,980, a ‘buy on dips’ strategy should be adopted,” said Hrishikesh Yedve.

According to him, 52,000 will act as a stiff hurdle for Bank Nifty on the higher side.

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.