Nifty 50, Sensex today: What to expect from Indian Stock Market on March 21

Indian stock market benchmark indexes Sensex and Nifty 50 will likely to open subdued on Friday after witnessing mixed global market cues. Gift Nifty also indicates a muted opening for the Indian benchmark. The Gift Nifty was trading close to 23,217 level, which is around 17 points premium to the last close of Nifty futures. On Thursday, the domestic market closed up for the fourth consecutive session, as the benchmark Nifty 50 settled close to 23,200. Sensex jumped 899.01 points, or 1.19%, to close at 76,348.06, while the Nifty 50 closed 283.05 points, or 1.24%, higher at 23,190.65. 

Here is how Sensex, Nifty 50, and Bank Nifty are likely to perform today:  

Sensex Forecast

Indian stock market indices continued their positive trend for the fourth day in a row with Sensex going up by 899 points. "Technically, Sensex could manage to cross the level of 50-day SMA along with the resistance level of 75,700, which is highly positive. Additionally, it closed with a bullish candle on daily charts, which favors another up move from here. Our view is that market sentiment remains bullish overall, but day traders need to take a call to buy on dips and sell on rallies," stated Shrikant Chouhan, Head Equity Research, Kotak Securities. According to him, in the near term, 76,000 and 75,700 or (50-day SMA) will remain support levels for Sensex, whereas 765,00 and 76,800 can be resistance points for day traders. But if Sensex breaks below 75,700, then the mood can change, and below this, longs can prefer to roll up.

Nifty OI Data

On the Nifty options side, highest Call OI is at 23,500 then 23,000 strike whereas Highest Put OI is at 23,000 then 22,500 strike. Call writing is seen at 23,400 then 23,200 strike whereas 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 showed a larger range of trade between 22,800 to 23,800 zones while a short-term range between 23,000 to 23,400 levels, he added. 

Nifty 50 Prediction

Nifty 59 traded with a solid up-side trend on March 20 and concluded the day with decent gains of 283 points. A long bull candle was formed on the daily chart, which is an indication of a sharp upside breakout in the market. Nifty 50 is now at the long-term resistance level of around 23,200 levels (intermediate down sloping trend line as per weekly timeframe chart).

Nifty 50 index had established a runaway bullish candle

The underlying trend of Nifty 50 is highly bullish and a robust upside breakout of 23,200 levels can propel Nifty 50 towards another resistance of 23,800 levels in the near term. The near-term support lies at 23,070. Om Mehra, Technical Analyst, SAMCO Securities, added that the Nifty 50 index had established a runaway bullish candle, which indicated the continuation of the rising momentum. Nifty is sustaining at and above the 61.8% Fibonacci retracement level of 23,110. Further, Nifty 50 also sustains against the daily supertrend and 50-day moving average (DMA) levels, reiterating the bullish trend.

Stock Market Today clarified that the market formed a bullish belt-hold

The daily RSI nicely continues to trade above 60 levels. As long as 22,950 is not given away on a close basis, the uptrend shall remain intact and thus buy-on-dips is on the cards," Mehra said. VLA Ambala, Co-Founder at Stock Market Today clarified that the market formed a bullish belt-hold candlestick pattern with RSI at 61, which is a buy-on-dip strategy indicator for intraday as well as swing trades."Nifty can find support between 23,150 and 23,120 and resist near 23,400 and 23,490 in the next market session," Ambala said.

Bank Nifty Forecast

Bank Nifty rose 0.72% to close at 50,062.85 on Thursday, registering gains for the sixth straight session as it formed a fourth consecutive bull candle with higher high and higher low reflecting strength and extension of the up move. Going ahead, we expect Bank Nifty index to remain in upward direction and rally towards 50,600 levels in the near term sessions, as the upper resistance of last 10 weeks range consolidation. Though near-term support at 49,200 - 49,000 levels as confluence of initial retracement of current up moves and 50 days EMA." The index has been ranging in the broad zone of 47,700 - 50,600 for the last 10 weeks.

Nifty index remained in a strong uptrend

The lower boundary of the range has seen buying interest in recent times," Bajaj Broking Research added. It anticipates a breakout above the upper band to signal a sudden reversal of the corrective trend and can pave the way to the upside towards 51,500 - 52,000 levels in the upcoming weeks.Om Mehra highlighted that the Bank Nifty index remained in a strong uptrend, closing higher in hitherto all the sessions this week. "Bank Nifty index is now inching higher towards the swing high of 50,642 and a clean break above this level could further firm up bullish sentiment. The RSI on daily chart continues to be comfortably above 60 indicating continuous buying demand.

There is minor resistance at 50,380 where 100 DMA is positioned. Any fall towards the 49,650 – 49,700 level can be a good buying opportunity as the larger trend continues to favor the bulls," Mehra added.The Bank Nifty index was able to hold key support at 49,650 and could cross over the resistance level of 50,000, forming a green candle, states Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates Ltd.