IGI Logo

Market Closing Commentary

Indian equity markets closed on a strong note on March 18, with benchmarks maintaining upward momentum through the session. The Nifty 50 settled above 23,750 at 23,777.80, up 196.65 points (0.83%), while the BSE Sensex gained 633.29 points (0.83%) to close at 76,704.13.

The rally was broad-based, with most sectoral indices ending in the green. Realty, IT, auto, media, capital goods, consumer durables, telecom, and infra stocks led the gains, rising 1–3%. FMCG and metal were the only sectors that closed marginally lower.

Broader markets outperformed, with the Nifty Midcap 100 up 2.02% and the Nifty Small cap 100 up 1.67%, indicating strong risk appetite and wider market participation. Investors will keep a close watch on US FOMC interest rate outcome and Bank of Japan interest rate decision.

Nifty Outlook

 The index formed a bullish candle with a higher high and a higher low indicating a continuation of the pullback for the third session in a row after the recent sharp decline of the last three weeks. Over the past three sessions, the index has witnessed a pullback of around 800 points from the deeply oversold conditions and has tested the immediate resistance of 23,800 on Wednesday session.

Going forward, index sustaining above Wednesday’s low of 23,618 would confirm further extension of the pullback towards the 24,000 and 24,300 levels in the coming sessions being the confluence of the last week high,38.2% retracement of the entire decline and 20 days EMA.

On the downside, current week low around 23,000 will act as immediate support while key short-term support is positioned in the 22,700–22,400 range, aligning with the prior gap area and the 78.6% retracement of the preceding major uptrend

Bank Nifty Outlook

The index formed a bullish candle with a higher high and a higher low indicating an extension of the pullback for the third session in a row following the recent sharp decline. Volatility is expected to remain elevated in the near term, driven by uncertain global cues and rising geopolitical tensions, which continue to weigh on overall market sentiment.

Index on Wednesday session almost tested the immediate resistance of 55,600 levels. A follow through strength above the same will open further upside towards the 57000-57300 levels in the coming sessions being the confluence of the last week high and 20 days EMA. A breach below Wednesday low 54689 will signal pause in the current pullback and can led to some consolidation in the range of 53,300-55,600 in the coming sessions.

Above views are of the author and not of the website kindly read disclaimer