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Market Closing Commentary

Indian benchmark indices ended the session on a strong positive note on 24th March amid pullback in global markets and easing geopolitical concerns from the Middle East. The market maintained its upward momentum throughout the day, reflecting sustained buying interest across sectors. At close, the Sensex surged by 1,372.06 points (+1.89%) to settle at 74,068.45, while the Nifty advanced 399.75 points (+1.78%) to close at 22,912.40, marking a robust recovery in the broader market sentiment.

On the sectoral front, the rally was broad-based with all sectors closing in the green. Key contributions came from Nifty Private Banks, PSU Banks, Auto, IT, Oil & Gas, and Metals, each gaining in the range of 1–2%, indicating strong institutional participation. Importantly, there were no major laggards, reinforcing the strength of the ongoing up move. The broader markets also mirrored the benchmark performance, with Nifty Midcap and Small cap indices outperforming, rising by 2.60% and 2.63% respectively, driven by widespread buying across stocks.

Nifty Outlook

 Index has formed a high wave candle with a small real body and long shadows in either direction highlighting intraday volatility amid Nifty weekly expiry. Index recovered most of its previous session decline and almost filled its previous session bearish gap area.   

Market volatility is expected to remain elevated in the near term amid uncertain global cues, rising crude oil prices, and escalating geopolitical tensions. Index is likely to consolidate in the range of 22,400-23,850 in the coming sessions. While a breach below 22,400 will open further downside towards 22,100 and 21,800.

Nifty in today’s session rebounded from the extreme oversold territory in the daily and weekly oscillators. Going ahead a strength above Tuesday high (23057) will open further pullback towards 23,400 and 23,800 levels in the coming sessions. Index needs to start forming higher high and higher low on a sustained basis and close above last week high of 23,862 to signal a pause in the current downtrend.

Bank Nifty Outlook

Index formed a bullish candle with a higher high and a higher low signaling a pullback after previous session sharp decline. Volatility is expected to remain elevated in the near term, driven by rising geopolitical tensions, and rising crude oil prices which continue to weigh on overall market sentiment. 

Index is likely to consolidate in the range of 51400-54,700 in the coming sessions. While a breach below 51,400 will open further downside towards 50,700 and 50,000. Going ahead a strength above Tuesday high (52950) will open further pullback towards 53,800 and 54,700 levels in the coming sessions. Index need to form higher high and higher low on a sustained basis and closed above the 54,700 levels to signal a pause in the downward trend.

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