Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 15

  • The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,152 level, a discount of more than 100 points from the Nifty futures’ previous close.

Ankit Gohel
Published15 Mar 2024, 07:22 AM IST
Nifty 50 formed a reasonable positive candle on the daily chart, besides the long bear candle of the previous session.
Nifty 50 formed a reasonable positive candle on the daily chart, besides the long bear candle of the previous session.(Photo: AFP)

The Indian stock market indices are likely to open lower on Friday tracking weak global market cues.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,152 level, a discount of more than 100 points from the Nifty futures’ previous close.

On Thursday, the domestic benchmark equity indices saw a smart recovery from lower levels and closed with decent gains after witnessing a massive sell-off in the previous session.

The Sensex gained 335.39 points to close at 73,097.28, while the Nifty 50 settled 148.95 points, or 0.7%, higher at 22,146.65.

Nifty 50 formed a reasonable positive candle on the daily chart, besides the long bear candle of the previous session. This is indicating a pullback rally in the market. 

“Nifty is expected to find a strong hurdle of mid part and upper part of the long bear candle of Wednesday around 22,175 and 22,450 levels respectively. The positive chart pattern like higher tops and bottoms is still intact, as the Nifty manages to make a new higher swing low of 21,905 levels so far on Wednesday,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. 

As long as the last higher bottom of 21,860 is protected, the chances of significant downward reversal could be doubtful, he added.

Shetti believes a sustainable upside bounce of Thursday could be a cheering factor for bulls to make a comeback. But a strong follow-through upmove from here could pull Nifty towards the hurdle of 22,450 - 22,500 levels and any failure could open another round of weakness from the lower highs.

Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US producer prices to oil price rally

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty OI Data

Analyzing the Nifty Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking said the call side displayed the highest OI at 22,400, followed by 22,500 strike prices. On the put side, the highest OI was observed at the 22,000 strike price.

Nifty 50 Prediction

The Nifty 50 index shifted into a reasonable upside bounce amidst positive market breadth on March 14 and closed the day higher by 148 points.

“The sentiment remains negative as the index consolidated around the lower half of the previous session’s candle on the daily timeframe. Additionally, the index has closed below the 21-EMA (Exponential Moving Average) with a bearish crossover in the RSI. However, bulls managed to push the Nifty back into the rising channel by the session’s end, suggesting a possibility of a bullish trend reversal,” said Rupak De, Senior Technical Analyst, LKP Securities.

Looking ahead, he believes the Nifty 50 could encounter resistance in the 22,200 - 22,250 zone. Clearing the resistance at 22,250 might propel it towards 22,500 in the near term. Support levels are situated at 22,050 - 22,000, he added.

Rahul Ghose, CEO, Hedged.in said that the Nifty 50 Index was respecting the put writers which are present in large quantities at the 22,000 level and the bounce back that we saw happened owing to 21,900 not getting taken out.

He suggests shorting of the Nifty should only be done below the 21,900 level. 

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 15

Bank Nifty Prediction

Bank Nifty underperformed the frontline indices and declined 191 points to close at 46,790 on Thursday.

“The Bank Nifty index witnessed a continued struggle between bulls and bears, resulting in a doji candle formation on the daily chart, indicating market indecisiveness. Immediate resistance is noted at the 47,500 mark, and a conclusive break above this level on a closing basis would signal a resumption of upward momentum toward all-time highs,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Conversely, he believes the lower-end support is situated at the 46,700 - 46,500 zone, and a break below this level on a closing basis could intensify downward momentum towards the 46,000 mark.

On the derivatives strategy, Ghose says that the Bank Nifty counter has seen a significant amount of short straddles being created at the 47,000 level and hence a short at this point is not advised. He expects a sideways movement for the next few days in a 1,000-point range.

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.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess

News in Numbers

Numbers that help you understand news better
$1 B

2 Hrs

19.50 L

250 MTPA

₹18.05 Cr

₹100/kg

First Published:15 Mar 2024, 07:22 AM IST
HomeMarketsStock MarketsNifty 50, Sensex today: What to expect from Indian stock market in trade on March 15

Most Active Stocks

Tata Steel

157.75
03:43 PM | 19 JUL 2024
-8.6 (-5.17%)

Tata Power

414.15
03:59 PM | 19 JUL 2024
-15.85 (-3.69%)

Bharat Electronics

306.30
03:45 PM | 19 JUL 2024
-7.2 (-2.3%)

Zee Entertainment Enterprises

137.55
03:57 PM | 19 JUL 2024
-4.9 (-3.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Tata Teleservices Maharashtra

102.11
03:59 PM | 19 JUL 2024
4.68 (4.8%)

Rail Vikas Nigam

614.00
03:59 PM | 19 JUL 2024
27.65 (4.72%)

Jubilant Pharmova

752.25
03:43 PM | 19 JUL 2024
25.3 (3.48%)

One 97 Communications

458.70
03:55 PM | 19 JUL 2024
13.65 (3.07%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,217.00292.00
    Chennai
    75,657.001,099.00
    Delhi
    74,485.00-659.00
    Kolkata
    74,485.00-73.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget