Nifty 50, Sensex on March 27: What to expect in trade today
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 22,050 level, a discount of nearly 40 points from the Nifty futures’ previous close.
On Tuesday, the domestic equity indices snapped their three-day gaining streak and ended half a percent lower, with the Nifty 50 holding 22,000 level.
The Sensex declined 361.64 points to close at 72,470.30, while the Nifty 50 settled 92.05 points, or 0.42%, lower at 22,004.70.
Nifty 50 formed a small positive candle on the daily chart with a gap-down opening (body gap, not a western gap).
“This candle pattern was formed beside the long bull candle of Friday. This is indicating a broader range-bound action for the market. At the lows, the area of 21,900 is offering strong support for the market and the Nifty is facing stiff resistance at the highs around 22,150 – 22,200 levels. Hence, a decisive move beyond this range is likely to open sharp movement for the market on either side,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
Shetti believes the overall long-term chart pattern remains positive and that indicates a possibility of an upside breakout in the near term.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
Analysis of the Open Interest (OI) data reveals the highest OI on the call side at the 22,100 strike price, followed by the 22,500 strike price. On the put side, the highest OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.
Nifty 50 Prediction
The Nifty 50 index slipped into weakness amidst range-bound action on March 26 and closed the day lower by 92 points.
“Nifty remained sideways throughout the day as market participants stayed perplexed on the first day of the holiday-shortened week. However, the trend remained positive for the short term as the index closed above the critical moving average on the daily chart. On the lower end, support is placed at 21,840 for the short term, below which weakness may emerge,” said Rupak De, Senior Technical Analyst, LKP Securities.
On the higher end, resistance is visible at 22,240-22,300, he added.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 27
Bank Nifty Prediction
The Bank Nifty index declined 264 points to close at 46,600 on Tuesday.
“The Bank Nifty index experienced a subdued start to the truncated week with sideways trading. Immediate resistance is noted at 47,000, and a decisive close above this level could trigger significant short-covering rallies towards the 48,000 mark. Conversely, immediate support is situated around the 46,500 – 46,450 zone,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Shah believes a breach below this support area may accelerate downside momentum towards the 46,000 level.
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.
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Published: 27 Mar 2024, 07:23 AM IST
