Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 17

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking a rally in global markets.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,590 level, a premium of nearly 146 points from the Nifty futures’ previous close.

The domestic equity and commodity markets were closed on Friday on account of Holi 2025.

On Thursday, Indian stock benchmark indices ended lower, with the Nifty 50 closing below 22,400 level.

The Sensex declined 200.85 points, or 0.27%, to close at 73,828.91, while the Nifty 50 settled 73.30 points, or 0.33%, lower at 22,397.20.

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

Sensex Prediction

Sensex fell 200.85 points, or 0.27%, to close at 73,828.91 on Thursday, exhibiting non-directional activity.

“On the lower side, Sensex is consistently finding support near 73,300, while profit booking has been witnessed between 74,700 and 74,900. We believe that the current market texture is non-directional, and traders may be awaiting a breakout in either direction. For the bulls, the key breakout zone is at 74,900. A dismissal of the 74,900 breakout could push Sensex towards 75,500 – 75,800,” said Amol Athawale, VP-technical Research, Kotak Securities.

Conversely, according to him, if the Sensex falls below 73,300, selling pressure is likely to accelerate, and below this level, the index could retest levels of 72,700 – 72,400.

Nifty OI Data

Nifty Open Interest (OI) data shows the highest OI on the call side at the 22,500 and 22,600 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 22,300 strike price, marking it as a key support level, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 slipped into weakness amidst choppy movement on March 13 and closed the day lower by 73 points.

“A reasonable negative candle was formed on the daily chart that has formed within a high low range of 22,600 – 22,300 levels. Technically, this market action signals narrow range bound movement with negative bias. A decisive upmove above the hurdle or upper range of 22,600 could open renewed buying enthusiasm towards 23,000 levels in the short term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

However, he believes any weakness below the lower range of 22,300 could drag the index down to the next support of 22,000 levels.

Om Mehra, Technical Analyst, SAMCO Securities, highlighted that the Nifty 50 formed a bearish candle that underscores prevailing weakness.

“Nifty 50 index remains confined within a broad range of 22,300 to 22,600, marking a 0.65% decline weekly. The bullish momentum remains sluggish, with the daily RSI hovering below 40 and market breadth tilting in favour of declines. If the ongoing time correction persists, and unless 22,700 is convincingly breached, the bullish sentiment may remain subdued,” said Mehra.

However, a cooling India VIX, now at 13.28, hints at a potential short-term pullback, offering bulls a window to stage a recovery. The support is placed at 22,300, with the next cushion at 22,250 if selling pressure intensifies, he added.

VLA Ambala, Co-Founder of Stock Market Today, noted that on technical charts, both Nifty 50 and Bank Nifty formed a high wave doji candlestick pattern on the weekly chart during Thursday’s session.

“Nifty 50 was trading at 22,393, which aligns with its 20-week EMA (Exponential Moving Average). However, if the price does not find support at this level, we may witness further declines. Market participants are suggested to target the 21,800 and 21,400 range and consider fresh buying above the 22,850 range. Considering this market overview, Nifty can find support near 22,180 and 21,950 and resistance near 22,700 and 22,780,” Ambala said.

Bank Nifty Prediction

Bank Nifty inched higher by 3.75 points, or 0.01%, to close at 48,060.40 on Thursday, forming a doji candle on the daily chart, indicating a lack of upward momentum.

“Bank Nifty index attempted to cross the 9 EMA at 48,350 but failed to sustain above it, highlighting near-term resistance. On a weekly basis, Nifty Bank registered a 0.90% decline, reflecting continued weakness. In the broader timeframe, a strong uptrend is likely to emerge only above 48,600, while the index may remain in sideways consolidation until a breakout occurs,” said Om Mehra.

According to him, the immediate support levels are positioned at 47,800 and 47,600, which could act as critical zones in the event of further downside pressure.

Amol Athawale of Kotak Securities believes that for the Bank Nifty, a double bottom support is placed at 47,700.

“As long as it is trading above this level, a pullback formation is likely to continue. On the higher side, it could move up to the 20-day Simple Moving Average (SMA), or 48,600 and 48,800. However, if it falls below 47,700, the sentiment could change, increasing the likelihood of hitting 47,300 – 47,000,” said Athawale.

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.