Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 25

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Tuesday, tracking positive global market cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,760 level, a premium of nearly 61 points from the Nifty futures’ previous close.

On Monday, the domestic equity market extended the rally for the sixth consecutive session, with the benchmark Nifty 50 closing above 23,650 level.

The Sensex jumped 1,078.87 points, or 1.40%, to close at 77,984.38, while the Nifty 50 settled 307.95 points, or 1.32%, higher at 23,658.35.

Nifty 50 formed a long bull candle on the daily chart with a gap up opening, which indicates a decisive upside breakout of the hurdle 200-day EMA (Exponential Moving Average) around 23,400 levels.

“This market action signals strong upside momentum which is prevailing in the market. The underlying trend of Nifty 50 continues to be positive. The next upside targets to be watched for the Nifty 50 around 23,800 and next 24,200 in the near term. Immediate support is placed at 23,400,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

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

Nifty 50 Prediction

Nifty 50 continued its bull run for the sixth consecutive session on March 24 and closed the day with a hefty gain of 307 points.

“The Nifty 50 has witnessed a further extension of its upward move, rising above the resistance level of 23,600. The RSI is in a bullish crossover, coupled with the fact that the price has been sustaining above the 50 EMA for the last three days. In the short term, the index is likely to remain strong as long as it stays above the support level of 23,500,” said Rupak De, Senior Technical Analyst at LKP Securities.

According to him, only a decisive fall below 23,500 might trigger a small correction in the market.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. noted that the Nifty 50 has successfully crossed the hurdle of the 100-Day Simple Moving Average (100-DSMA) and formed a bullish candle on the daily charts, signalling strength.

“The immediate support for the Nifty 50 index is placed near 23,510, where the 100-DSMA is positioned, while short-term resistance is located near 23,810, marking the previous intermediate swing high. In light of the robust bullish momentum, traders are advised to follow a ‘buy on dips’ strategy. However, low-risk traders may consider booking profits around the 23,800 level,” said Yedve.

VLA Ambala, Co-Founder of Stock Market Today, said that the Nifty 50 formed a bullish belt hold candlestick pattern, with prices closing above the 200-day MA near 23,673.70, offering relief for mid-term investors.

“We can expect Nifty 50 to gain support near 23,620 and 23,580 and face resistance near 23,840 and 24,100 in today’s market session,” Ambala said.

Bank Nifty Prediction

Bank Nifty index jumped 1,111.40 points, or 2.20%, to close at 51,704.95, on Monday, forming a bullish candle on the daily charts.

“Bank Nifty has surpassed the resistance of the 200-Day SMA and formed a bullish candle on the daily charts, indicating continued strength. The immediate support for Bank Nifty is placed near 50,970, where its 200-DSMA is located, while the next major resistance is around 52,000, which coincides with its previous swing high. A sustained move above 52,000 could trigger a fresh breakout in Bank Nifty. Traders are advised to adopt a ‘buy on dips’ strategy to capitalize on the ongoing momentum,” said Hrishikesh Yedve.

Vaishali Parekh, Vice President – Technical Research at PL Capital, said that with series of strong bullish candle formation on the daily chart, Bank Nifty has decisively moved past the important 200 period MA at 51,000 level to strengthen the trend and with the sentiment turned positive, one can expect for further rise in the coming days.

“Further targets of 52,400 and 53,800 levels are open with 50,500 zones maintained as the near-term support. Bank Nifty would have the daily range of 51,200 – 52,400 levels,” Parekh said.

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.