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Below the Quote on Market Wrap 27th March, 2026 from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"Markets extended their decline on Friday, ending sharply lower and continuing the ongoing corrective phase amid weak global cues. The Nifty opened on a subdued note and remained under sustained selling pressure throughout the session. Despite brief intraday recovery attempts, the index failed to gain traction and eventually settled near the day’s low at around 22,819.60, registering a decline of over 2% for the day.

Sectoral participation remained broadly negative, reflecting widespread weakness across the market. Realty, auto, and financial stocks were among the key laggards, while IT and pharma exhibited relatively better resilience, ending with only marginal losses. The broader markets also faced notable selling pressure, with both midcap and smallcap indices declining in the range of 1.5–2%, indicating continued caution among investors.

Investor sentiment remained fragile due to a lack of clarity surrounding geopolitical tensions between the US and Iran, which once again pushed crude oil prices above the $100 mark. In addition, persistent FII outflows and sharp weakness in the rupee further weighed on risk appetite. The volatility index, India VIX, showed no signs of cooling off even during the recent recovery and moved higher, reflecting elevated nervousness and uncertainty in the market.

On the technical front, the Nifty continues to hover near crucial support levels, indicating sustained pressure despite entering oversold territory. Immediate support is placed around 22,500, and a decisive break below this level could trigger further downside towards 22,000. On the upside, 23,000 is likely to act as an immediate hurdle, followed by a stronger resistance near the 23,500 zone in case of any recovery.

Given the prevailing geopolitical uncertainty and the scheduled expiry of March derivatives contracts, volatility is expected to remain elevated on Monday. Participants are advised to maintain a cautious approach, avoid aggressive positioning, and focus on disciplined risk management while adopting a selective, stock-specific trading strategy."

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