Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 24

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday amid mixed cues from global markets.

The trends on Gift Nifty indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 23,490 level, a premium of nearly 110 points from the Nifty futures’ previous close.

On Friday, the domestic equity market extended its winning streak for the fifth consecutive session to end higher.

The Sensex jumped 557.45 points, or 0.73%, to close at 76,905.51, while the Nifty 50 settled 159.75 points, or 0.69%, higher at 23,350.40.

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

Sensex Prediction

Sensex rallied 3,070 points last week to close above 76,905, forming a long bullish candle on weekly charts.

During the week, the 30-share index successfully cleared the short-term resistance of 75,000, and post-breakout, the positive momentum intensified. It also surpassed the 20 and 50-day Simple Moving Averages (SMA), which is largely positive, noted Amol Athawale, VP – Technical Research at Kotak Securities.

“Technically, on weekly charts, a long bullish candle has formed, and on daily and intraday charts, Sensex is holding a higher bottom formation, which supports further upward movement from the current levels. We are of the view that the short-term market texture is bullish; however, due to temporary overbought conditions, we could see some profit booking at higher levels. For traders, buying on dips and selling on rallies would be the ideal strategy,” Athawale said.

In the near future, 75,800 and the 50-day SMA or 75,400 would act as key support zones, while 77,400 – 78,000 could be the key resistance areas for the bulls. However, if Sensex falls below 75,400, the sentiment could change, and traders may prefer to exit from their long positions, he added.

Nifty 50 Prediction

Nifty 50 surged 0.69% to end at 23,350.40 on March 21, delivering a stellar weekly performance with a 4.26% surge.

“A long bull candle was formed on the daily chart with minor upper shadow. This chart pattern indicates continuation of sharp upside momentum in the market. Initial hurdle of down sloping trend line has been broken decisively on the upside at 23,000 as per daily chart and around 23,250 levels as per weekly timeframe chart. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He added that a long bull candle was formed on the weekly chart with the weekly gain of around 4.25%, and this was the highest week on week gain of the last 5-6 months.

“The underlying trend of Nifty 50 continues to be positive. Having surpassed the initial hurdle of a down sloping trend line around 23,200 – 23,250 levels, the Nifty 50 could now advance towards the next resistance of 23,800 levels in the near term. Immediate support is placed at 23,250 levels,” Shetti said.

Om Mehra, Technical Analyst, SAMCO Securities said that the Nifty 50 index formed a bullish engulfing candle on the weekly chart, with both the open and low aligning — highlighting a strong bullish outlook.

“Nifty 50 exhibits a higher high and higher low formation on the daily chart, confirming the uptrend. However, given the steep rally, a short-term pullback would be constructive, allowing the index to consolidate and build a stronger base for the next leg rally. The support remains at 23,240 followed by 23,180, which could act as a cushion in case of any near-term retracement,” Mehra said.

According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 formed a bullish Belt Hold candlestick pattern on the daily chart, making it one of its best weeks so far.

“The 21,802 level, which was the December 2023 high, played a key role in this 15-month rebound. To make it more attractive, the index also presented a strong valuation, with an RSI of 21 and a PE ratio of 19.50, making it appealing to long-term investors. From here on, the 22,800 – 22,700 range might act as strong support, while 24,500 could emerge as the next major resistance point, with the latest closing near the 23,350 range,” Ambala said.

She believes Nifty 50 can find support near 23,300 and 23,180 and expect resistance near 23,520 and 23,600 in today’s session.

Bank Nifty Prediction

Bank Nifty gained 530.70 points, or 1.06%, to close at 50,593.55 on Friday, forming a bullish candle on both the daily and weekly charts.

“Bank Nifty has formed a bullish candle on both the daily and weekly charts, indicating strength. The next major resistance for the index is near 50,650, which is around its previous swing high. A sustained move above 50,650 could trigger a fresh breakout in Bank Nifty. Traders are advised to adopt a ‘buy on dips’ strategy,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

As per Om Mehra, Bank Nifty index posted an impressive 5.27% weekly gain, forming a strong bullish candle that signals a trend turning bearish to bullish.

“Bank Nifty is now holding above the 100 DMA, with the 9 EMA (Exponential Moving Average) crossing above the 20 EMA — an additional confirmation of a strengthening bullish outlook. The daily RSI hovers near the 70 mark, signalling robust momentum. After a sharp rally, a pullback may occur, which could present a fresh buying opportunity. The support is placed at 50,000, while resistance is seen at 51,100,” said Mehra.

According to Puneet Singhania, Director at Master Trust Group, Bank Nifty formed a strong Marubozu candle on the daily chart, signaling bullish momentum and a potential reversal from its 100-week EMA.

“Bank Nifty index closed at weekly highs and above the 21-day and 55-day EMAs, making it favourable for a buy-on-dip strategy. Key support is at the 55-day EMA around 49,500, and a drop below this could weaken the trend. On the upside, the next resistance is at 51,100, the 50% Fibonacci level. A breakout above this could push the index toward 51,800, indicating further strength in the bullish trend,” said Singhania.

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.