BSE 500

Benchmark indices ended the week subdued amid volatility., FIIs continued selling, while DIIs bought equities., Autos, metals, PSU banks outperformed; oil & gas, FMCG lagged.

* Benchmark indices ended the week subdued amid volatility.
* FIIs continued selling, while DIIs bought equities.
* Autos, metals, PSU banks outperformed; oil & gas, FMCG lagged.

Indian markets saw muted returns amid geopolitical tensions, rupee depreciation, and rising crude prices. FIIs continued selling, while DIIs bought equities. Sectoral performance was mixed. Experts advise caution, with Nifty facing resistance at 23,400–23,600.

shorts/business/more-than-50-smallcaps-rise-between-10-41-as-index-remain-subdued

In line with the benchmark indices, broader markets also delivered muted returns during the volatile week, amid ongoing geopolitical tensions, rupee depreciation and rising crude oil prices.

Among the broader markets, the BSE Midcap Index and BSE Smallcap Index ended the week largely unchanged, while the BSE Largecap Index declined 0.3 percent.

Meanwhile, the benchmark indices also remained subdued, with the BSE Sensex slipping 0.04 percent and the Nifty 50 falling 0.15 percent during the week.

Foreign Institutional Investors (FIIs) were net sellers during the week, offloading equities worth Rs 29,897.67 crore, continuing their selling streak in Indian equities for the fifth consecutive week. On the other hand, Domestic Institutional Investors (DIIs) bought equities worth Rs 30,641.90 crore.

&quot;Market sentiment remained cautious amid persistent Middle East tensions during the week, with elevated crude oil prices, and continued FII selling. Although the domestic equities saw a brief relief-led recovery on valuation comfort and short covering early in the week, the rally quickly reversed as renewed Middle East attacks pushed crude prices higher, reviving inflationary and macroeconomic concerns,&quot; said Vinod Nair, Head of Research, Geojit Investments

&quot;Brent crude rose over the course of the week, while the rupee depreciated to fresh lows, further pressuring risk assets. However, the latter part of the week witnessed modest stabilization following indications of potential de-escalation and restraint around attacks on oil and gas infrastructure. Nevertheless, investors remained cautious and reluctant to carry risk positions into the weekend. Sectorally, autos, metals, and PSU banks outperformed, supported by bargain hunting following recent corrections. In contrast, oil &amp;amp; gas, FMCG, real estate, financial services underperformed due to input cost pressures, rupee weakness, and stock-specific pressures.&quot; he added.

&quot;Looking ahead, markets are likely to remain highly sensitive to geopolitical developments, movements in crude oil prices, and currency fluctuations. Key near-term catalysts include inflation data from Japan and the UK, commentary from US Federal Reserve Chair Jerome Powell, and PMI releases across the US and India, which will be closely watched for insights into growth resilience and policy flexibility.&quot;

&quot;While near-term volatility driven by geopolitical risks and macroeconomic headwinds may persist, the ongoing correction and valuation reset are progressively creating selective long-term opportunities for disciplined investors adopting a balanced and patient approach,&quot; Nair added further.

Sectoral performance remained mixed in this week, with Nifty Private Bank, Pharma, Healthcare, Realty, FMCG. Oil &amp;amp; Gas and Defence indices declining in the range of 1-2.4 percent, while Nifty Auto, Metal, PSU Bank, IT indices gained between 0.4-2 percent.

The BSE Smallcap index ended on a flat note. Aqylon Nexus, Rajesh Exports, TTK Prestige, Sadhana Nitrochem, VL E-Governance and IT Solutions, Camlin Fine Sciences, SpiceJet, Ecos India Mobility &amp;amp; Hospitality, Everest Industries, Hindustan Oil Exploration Company, Ramkrishna Forgings, Fino Payments Bank, Filatex Fashions, Dish TV India, Shivalik Rasayan, Astec Lifesciences, DEE Development Engineers shed between 10-22 percent. On the other hand, Websol Energy System, Valiant Organics, Bodal Chemicals, Gujarat Alkalies and Chemicals, Nitco, Olectra Greentech, Deep Industries, Shaily Engineering Plastics, Network People Services Technologies, Uttam Sugar Mills added between 20-41 percent.



Where is market headed?

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After a massive decline and faster downside retracement on Thursday, Nifty witnessed bounce back amidst volatility on Friday and closed the day higher by 112 points. A small thin candle was formed on the daily chart with long upper shadow. Technically, this signals a formation of doji type candle pattern. This market action indicates lack of strength in the upside bounce. Bearish pattern like lower tops and bottoms is intact on the daily chart and the Nifty is on the way down to form a new lower bottom of the pattern.

The near term trend of Nifty remains weak and present bounce back could be a sell on rise opportunity. A weakness below 22900 could open next downside target of 22500 in the near term. However, immediate resistance is placed at 23380.

Ajit Mishra – SVP, Research, Religare Broking

We maintain our cautious stance given the prevailing negative sentiment and recommend preferring hedged positions over naked trades until greater stability emerges. On the index front, the 23,400–23,600 zone is likely to act as a resistance area in case of a rebound, while 22,800 remains a critical support level.

A break below this level could lead to further downside towards the 22,500 mark, despite the oversold conditions. As most sectors continue to face pressure, participants should maintain a stock-specific approach, focusing on relatively stronger stocks for long opportunities and weaker counters for short positions.

Rupak De, Senior Technical Analyst at LKP Securities

The index remained volatile during the day as choppiness in crude oil prices rocked Indian equities. On the hourly chart, the rising Nifty faced resistance at the 21EMA and slipped lower. On the daily chart, a Bullish Harami Cross has formed, which is a bullish reversal pattern.

In the short term, the trend may improve with the potential to rise towards 23400–23600. On the lower end, 22950–23000 remains a key support zone, below which bearishness may re-emerge.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

More than 50 smallcaps rise between 10-41% as index remain subdued

If Iran conflict continues on a slow boil, there would need to be a monetary reset, Q4FY26 earnings may not see material impacts of ongoing Middle east crisis, New normal for crude likely to be $15-20 per barrel higher than earlier

* If Iran conflict continues on a slow boil, there would need to be a monetary reset
* Q4FY26 earnings may not see material impacts of ongoing Middle east crisis
* New normal for crude likely to be $15-20 per barrel higher than earlier

shorts/business/daily-voice-why-baroda-bnp-paribas-mf-s-jitendra-sriram-is-betting-on-utilities-healthcare-and-consumer-stocks-in-a-turbulent-market

Considering the escalating West Asia tensions, Jitendra Sriram, the Senior Fund Manager at Baroda BNP Paribas Mutual Fund believes it is logical to assume that hostilities may not be long lasting but crude could stay higher for longer.

In this scenario, &quot;we would prefer exposure to areas such as utilities (domestic oriented, expectation of a warmer summer), healthcare and also parts of consumer,&quot; he said in an interview to Moneycontrol.

According to him, near term markets have more headwinds than tailwinds to contend with. &quot;Strong crude continuing even for 3 months may likely shave off 20-30bps off GDP growth. Expectation of policy easing into CY2026 may need to be tempered, if CPI moves above the RBI median target of 4%,&quot; he said.

Is this an excellent time for long-term investors to buy? Which sectors would you advise investors to accumulate amid the current market turmoil?

Markets are clearly in an uncertain frame given the breakout of hostilities in Iran. What is most critical from an India point of view is the “new normal” for crude. Iran may have seen some supply disruptions but more importantly drone attacks by Iran in the region has disrupted refinery outputs in the region.

To that extent, it is logical to assume that the new normal may be $15-20 a barrel higher than the recent past which has implications for growth, inflation expectations, current account deficit (and thereby the INR) and market earnings.

It is logical to assume that hostilities may not be long lasting but crude could stay higher for longer. In this scenario, we would prefer exposure to areas such as utilities (domestic oriented, expectation of a warmer summer), healthcare and also parts of consumer.

Do you think most of the bad news has already been priced in? Does this mean the market downside is limited from here while the upside could be potentially higher in FY27?

It is very difficult to take a call on this as barring the principal actors in this conflict (US, Iran &amp;amp; Israel), the estimated duration of this conflict is difficult to pinpoint. We have already seen how optimistic commentaries on Ukraine – Russia suggested early cessation, but the conflicts continue to simmer till date. The longer Iran situation continues, the longer crude and supply chains will remain tight leading to a slower global growth, marginally elevated inflation expectation and thereby weaker earnings growth.

Longer term, corrections have typically been good periods for patient long term investors to accumulate stocks and once the conflict is over, markets would see a major sentiment boost. Whether that event happens round the corner or the newsflow (crude price etc) turns worse before getting better is anybody’s guess. Instead of forecasting outcomes which is akin to throwing darts at a dartboard, we try to build possibilities (say crude price) versus impacts.

What are the key challenges for the market in the new financial year? Do you expect headwinds to outweigh tailwinds?

Near term markets have more headwinds than tailwinds to contend with. Strong crude continuing even for 3 months may likely shave off 20-30bps off GDP growth. Expectation of policy easing into CY2026 may need to be tempered, if CPI moves above the RBI median target of 4%. *Though Q4FY26 may not see material impacts on corporate earnings due to inventory in the system an elongated conflict could impact EPS growth by a few percentage points. (*source – MoneyControl, February 05, 2026)

Do you expect geopolitical tensions to persist in FY27? If yes, does that mean oil prices may remain elevated?

A very near term resolution to the Iran conflict and strait of Hormuz disruptions appears unlikely. These supply chain disruptions may fester for a couple of months. Also release of strategic oil reserves by some countries to douse the crude price surge is not permanent but tactical and at some future point, there is likely to be restocking demand of such reserves too. As it appears currently, in our view the new normal for crude is likely to be $15-20 per barrel higher than earlier.

What are your expectations from Q4 earnings, especially amid the ongoing Middle East crisis? Do you see a limited impact of the Iran conflict and higher oil prices on FY27 earnings?

Q4FY26 may not see material impacts of the ongoing Middle east crisis on account of the usual 30-45 days inventory corporates tend to hold and impact if any, will be restricted to first order impacts such as oil marketing companies (OMC’s). A continuation will lead to second order impacts impacting a larger proportion of industry for eg restrictions on LNG availability for industrial users to ~80% may impact production for user industries such as tiles, autos etc.

It will be increasingly difficult for OMC’s to hold on to auto fuels prices and price increases will lead to higher freight costs impacting inflation dynamics. Consumers may need to alter their consumption baskets to adjust for these increases by shaving off on other areas impacting demand. In our view, a 3 month disruption could shave off earnings growth by 2-300bps.

What is your view on the upcoming Federal Reserve policy meeting and Chair Powell’s commentary?

US Fed has held rates steady in the current March meeting largely citing the Iran situation as being fluid. A large determinant of monetary policy both at the Fed and the RBI will be the impact of crude/gas prices and price increases due to supply chain disruptions. If the conflict continues on a ‘slow boil’ there would need to be a monetary reset. Both for the US and India, the markets were pricing in rate cuts over the course of CY2026. These assumptions would be seriously tested if CPI continue to be stronger for longer.

Do you think tariff-related concerns have now completely taken a back seat?

Your observation is correct. Post the US Supreme Court ruling, India does not have any relative disadvantage versus others on tariffs so at the margin it is not news anymore. Even if we were to assume that the US administration reverts to the earlier trade deals signed, it does not have any meaningful relative disadvantage for India so either case that doesn’t seem to be a burning issue anymore.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Daily Voice: Why Baroda BNP Paribas MF's Jitendra Sriram is betting on utilities, healthcare, and consumer stocks in a turbulent market

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321033554_Nifty_sensex_marketup.jpg" alt="Indian markets delivered a muted performance in the volatile week ended March 20, weighed down by ongoing geopolitical tensions, continued weakness in the rupee, rising crude oil prices, and sustained foreign institutional investor (FII). The benchmarks erased all gains from the first three sessions following a sharp sell-off on Thursday. However, a recovery on Friday helped the BSE Sensex and Nifty 50 close the week largely unchanged." width="1280" height="720" class="size-full wp-image-13866599" /> Indian markets delivered a muted performance in the volatile week ended March 20, weighed down by ongoing geopolitical tensions, continued weakness in the rupee, rising crude oil prices, and sustained foreign institutional investor (FII). The benchmarks erased all gains from the first three sessions following a sharp sell-off on Thursday. However, a recovery on Friday helped the BSE Sensex and Nifty 50 close the week largely unchanged.

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321033837_Nifty_sensex.jpg" alt="During the week, the BSE Sensex slipped 30.96 points, or 0.04 percent, to end at 74,532.96, while the Nifty 50 declined 36.6 points, or 0.15 percent, to close at 23,114.50." width="1280" height="720" class="size-full wp-image-13866602" /> During the week, the BSE Sensex slipped 30.96 points, or 0.04 percent, to end at 74,532.96, while the Nifty 50 declined 36.6 points, or 0.15 percent, to close at 23,114.50.

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321033904_Sensex_nifty_market_flat.jpg" alt="The BSE Largecap index fell 0.32 percent. Major losers were IDBI Bank, Bharat Petroleum Corporation, Solar Industries India, Lodha Developers, Indian Oil Corporation, Hindustan Zinc, Mankind Pharma, Shriram Finance. However, gainers included Waaree Energies, Eternal, Tata Steel, Lenskart Solutions, Meesho, JSW Steel, TVS Motor Company." width="1280" height="720" class="size-full wp-image-13866604" /> The BSE Largecap index fell 0.32 percent. Major losers were IDBI Bank, Bharat Petroleum Corporation, Solar Industries India, Lodha Developers, Indian Oil Corporation, Hindustan Zinc, Mankind Pharma, Shriram Finance. However, gainers included Waaree Energies, Eternal, Tata Steel, Lenskart Solutions, Meesho, JSW Steel, TVS Motor Company.

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321033926_market_stocks_sensex_Nifty.jpg" alt="The BSE Midcap index ended almost flat with Brainbees Solutions, AWL Agri Business, Premier Energies, Lloyds Metals and Energy, Schaeffler India, One 97 Communications (Paytm), Bharti Hexacom rising between 7-12 percent, while Petronet LNG, Bandhan Bank, Hindustan Petroleum Corporation, Kansai Nerolac Paints, Procter and Gamble Hygiene and Health Care, Aegis Vopak Terminals fell between 7-10 percent." width="1280" height="720" class="size-full wp-image-13866605" /> The BSE Midcap index ended almost flat with Brainbees Solutions, AWL Agri Business, Premier Energies, Lloyds Metals and Energy, Schaeffler India, One 97 Communications (Paytm), Bharti Hexacom rising between 7-12 percent, while Petronet LNG, Bandhan Bank, Hindustan Petroleum Corporation, Kansai Nerolac Paints, Procter and Gamble Hygiene and Health Care, Aegis Vopak Terminals fell between 7-10 percent.

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321033945_cards_banking_financial-services_banK3.jpg" alt="The BSE Smallcap index ended on a flat note. Aqylon Nexus, Rajesh Exports, TTK Prestige, Sadhana Nitrochem, VL E-Governance and IT Solutions, Camlin Fine Sciences, SpiceJet, Ecos India Mobility &amp; Hospitality, Everest Industries, Hindustan Oil Exploration Company, Ramkrishna Forgings, Fino Payments Bank, Filatex Fashions, Dish TV India, Shivalik Rasayan, Astec Lifesciences, DEE Development Engineers shed between 10-22 percent. On the other hand, Websol Energy System, Valiant Organics, Bodal Chemicals, Gujarat Alkalies and Chemicals, Nitco, Olectra Greentech, Deep Industries, Shaily Engineering Plastics, Network People Services Technologies, Uttam Sugar Mills added between 20-41 percent." width="1280" height="720" class="size-full wp-image-13866606" /> The BSE Smallcap index ended on a flat note. Aqylon Nexus, Rajesh Exports, TTK Prestige, Sadhana Nitrochem, VL E-Governance and IT Solutions, Camlin Fine Sciences, SpiceJet, Ecos India Mobility &amp; Hospitality, Everest Industries, Hindustan Oil Exploration Company, Ramkrishna Forgings, Fino Payments Bank, Filatex Fashions, Dish TV India, Shivalik Rasayan, Astec Lifesciences, DEE Development Engineers shed between 10-22 percent. On the other hand, Websol Energy System, Valiant Organics, Bodal Chemicals, Gujarat Alkalies and Chemicals, Nitco, Olectra Greentech, Deep Industries, Shaily Engineering Plastics, Network People Services Technologies, Uttam Sugar Mills added between 20-41 percent.

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321034058_nifty_market-Sensex.jpg" alt="During the week, HDFC Bank recorded a highest erosion in its market capitalisation, followed by Hindustan Unilever, Bajaj Finance, Bharat Electronics. On the other hand, Reliance Industries, Bharti Airtel, Tata Steel recorded gains in their market capitalisation. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)" width="1280" height="720" class="size-full wp-image-13866608" /> During the week, HDFC Bank recorded a highest erosion in its market capitalisation, followed by Hindustan Unilever, Bajaj Finance, Bharat Electronics. On the other hand, Reliance Industries, Bharti Airtel, Tata Steel recorded gains in their market capitalisation. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321034213_sensex_nifty_market_Nifty_nse_bse.jpg" alt="Sectoral performance remained mixed in this week, with Nifty Private Bank, Pharma, Healthcare, Realty, FMCG. Oil &amp; Gas and Defence indices declining in the range of 1-2.4 percent, while Nifty Auto, Metal, PSU Bank, IT indices gained between 0.4-2 percent." width="1280" height="720" class="size-full wp-image-13866609" /> Sectoral performance remained mixed in this week, with Nifty Private Bank, Pharma, Healthcare, Realty, FMCG. Oil &amp; Gas and Defence indices declining in the range of 1-2.4 percent, while Nifty Auto, Metal, PSU Bank, IT indices gained between 0.4-2 percent.

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321034237_sensex_nifty1.jpg" alt="Foreign Institutional Investors (FIIs) were net sellers during the week, offloading equities worth -29,897.67 crore, continuing their selling streak in Indian equities for the fifth consecutive week. On the other hand, Domestic Institutional Investors (DIIs) bought equities worth Rs 30,641.90 crore." width="1280" height="720" class="size-full wp-image-13866610" /> Foreign Institutional Investors (FIIs) were net sellers during the week, offloading equities worth -29,897.67 crore, continuing their selling streak in Indian equities for the fifth consecutive week. On the other hand, Domestic Institutional Investors (DIIs) bought equities worth Rs 30,641.90 crore.

<img src="https://images.moneycontrol.com/static-mcnews/2026/03/20260321034258_rupee-fall.jpg" alt="The Indian rupee extended its decline for the third consecutive week, hitting an all-time low of 93.76 against the US dollar in Friday’s session amid rising geopolitical tensions. The currency ended near its record low at 93.70 on March 20, registering a sharp fall of 125 paise from 92.45 on March 13." width="1280" height="720" class="size-full wp-image-13866611" /> The Indian rupee extended its decline for the third consecutive week, hitting an all-time low of 93.76 against the US dollar in Friday’s session amid rising geopolitical tensions. The currency ended near its record low at 93.70 on March 20, registering a sharp fall of 125 paise from 92.45 on March 13.

Market ends quiet amid volatility; rupee weakens to record low

Sensex rose 325.72 points, Nifty up 112.35 points on March 20, Profit booking trimmed early gains, Nifty closed above 23,100, Indian rupee hit a record low, breaching the 93 mark

* Sensex rose 325.72 points, Nifty up 112.35 points on March 20
* Profit booking trimmed early gains, Nifty closed above 23,100
* Indian rupee hit a record low, breaching the 93 mark

Indian equity indices rebounded on March 20, aided by broad buying and optimism over US-Iran tensions easing. Sensex rose 325.72 points, Nifty gained 112.35. Rupee hit a record low. Major gainers included JSW Steel, Tata Steel; HDFC Bank declined.

shorts/business/taking-stock-markets-pare-gains-amid-profit-booking-nifty-above-23-100-sensex-up-326-pts

After witnessing a sharp decline in the previous session, Indian equity indices staged a strong rebound on March 20, supported by broad-based buying across sectors.

Optimism over a possible de-escalation of the US-Iran conflict, along with a decline in crude oil prices, helped markets open on a strong note and remain in positive territory throughout the session. However, as the session progressed, profit booking at higher levels trimmed most of the early gains with benchmark Nifty 50 eventually closed just above the 23,100 mark.

At close, the Sensex was up 325.72 points or 0.44 percent at 74,532.96, and the Nifty was up 112.35 points or 0.49 percent at 23,114.50.

Among broader indices, Nifty midcap index rose 0.6%, while smallcap index ended flat.

The Indian rupee extended its decline for a second consecutive session, breaching the 93 mark for the first time and touching a fresh intraday low of 93.76.

BSE Sensex and Nifty50 ended the week on a flat note.

Also Read - Exchanges roll out SOP for Closing Auction Session; no penalty for algo trades in CAS

JSW Steel, Tech Mahindra, Coal India, Tata Steel, Infosys were among the major gainers on the Nifty, while losers included Hindalco Industries, HDFC Bank, HDFC Life, Shriram Finance, ONGC.

Except media, private bank, realty, all other sectoral indices ended in the green with telecom, IT, metal, pharma, PSU Bank up 1-2%.

Also Read - 65% of BSE 1000 stocks lose 3-year CAGR returns; half erase 5-year gains

In stock specific, DLF Limited shares fall 0.5% after around 4.34 million shares changed hands in a block trade, while Tata Consultancy Services gained 1.6% following an MoU with ABB. Meanwhile, HDFC Bank declined 2% after approximately 5.19 million shares were traded in a block deal. NTPC Limited rose 2% after entering into an MoU with Octopus Energy Group, while Natco Pharma gained 3% following the launch of its generic Semaglutide injection in India, Veranda Learning Solutions shares added 5% on demerger approval.

Shares of VA Tech Wabag surged 3% after a consortium secured a large order in Georgia. Additionally, Happiest Minds Technologies jumped 8% amid reports that EQT and ITC Infotech are set to acquire a controlling stake, Tata Steel shares jumped 3% on inaugurating its first scrap-based electric arc furnace in India.

Nearly 300 stocks touched their 52-week low, including Petronet LNG, Mahanagar Gas, SBI Cards, Lodha Developers, Gujarat State Petro, Latent View, Global Health, Mankind Pharma, Jyothy Labs, APTUS VALUE, Embassy Developments, Procter and Gamble Hygiene and Health Care, Shree Cements, among others. Click to View More

Outlook for March 23

Ajit Mishra – SVP, Research, Religare Broking

Markets witnessed a volatile session on Friday and ended marginally higher, taking a breather after the previous session’s steep decline. The Nifty opened on a firm note following positive global signals and maintained gains in the early hours. However, selling pressure resumed as the session progressed, leading the index to surrender most of its gains by the close. Despite this, it managed to end with modest gains of nearly half a percent, settling at the 23,114 level.

Sectoral participation remained mixed, reflecting selective buying interest. Pharma, IT and metal stocks were among the key gainers, while realty, financials and banking traded subdued. Broader indices traded mixed, with midcap gaining over half a percent and smallcap ending flat.

Sentiment improved as crude oil prices cooled off from recent highs following statements from the US and Israel indicating that energy infrastructure in Iran would not be targeted for now. The sharp decline in the previous session also triggered some bargain hunting across sectors. However, lingering geopolitical tensions, continued weakness in the rupee and persistent FII outflows remain key overhangs for the market.

We maintain our cautious stance given the prevailing negative sentiment and recommend preferring hedged positions over naked trades until greater stability emerges. On the index front, the 23,400–23,600 zone is likely to act as a resistance area in case of a rebound, while 22,800 remains a critical support level. A break below this level could lead to further downside towards the 22,500 mark, despite the oversold conditions. As most sectors continue to face pressure, participants should maintain a stock-specific approach, focusing on relatively stronger stocks for long opportunities and weaker counters for short positions.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After a massive decline and faster downside retracement on Thursday, Nifty witnessed bounce back amidst volatility on Friday and closed the day higher by 112 points. After opening on a positive note, Nifty moved up further in the early part of the session. It was not able to sustain above the hurdle of 23350 levels and slipped in to weakness from the highs in the mid to later part of the session.

A small thin candle was formed on the daily chart with long upper shadow. Technically, this signals a formation of doji type candle pattern. This market action indicates lack of strength in the upside bounce. Bearish pattern like lower tops and bottoms is intact on the daily chart and the Nifty is on the way down to form a new lower bottom of the pattern.

The near term trend of Nifty remains weak and present bounce back could be a sell on rise opportunity. A weakness below 22900 could open next downside target of 22500 in the near term. However, immediate resistance is placed at 23380.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Taking Stock: Markets pare gains amid profit booking; Nifty ends above 23,100, Sensex up 326 pts

Live: Relief rally kicks in! Nifty defends 23k, breaks 3-week losing streak | Closing Bell

12 out of 18 years BSE 500 has given positive returns in March.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	33,675.65	33,927.68	34,079.51	33,523.82	33,271.79	33,119.96	32,867.93
Fibonacci	33,678.10	33,773.41	33,927.68	33,523.82	33,369.55	33,274.24	33,119.96
Camarilla	33,460.63	33,497.65	33,534.67	33,523.82	33,386.59	33,349.57	33,312.55

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