BSE LARGECAP

Broader indices remained under pressure for the third consecutive week; however, mid- and small-cap stocks relatively outperformed the benchmark indices amid weak global cues. The sentiment was weighed down by escalating US-Iran tensions, which pushed crude oil prices above $100 per barrel, along with persistent FII selling.

During the week, the BSE Sensex plunged 5.51 percent, or 4,354.98 points, to close at 74,563.92, while the Nifty50 declined 1,299.35 points, or 5.31 percent, to end at 23,151.10.

Among broader indices, BSE Largecap, Midcap, and Smallcap indices shed 5 percent, 4.5 percent, and 3.6 percent, respectively.

All the sectoral indices ended in the red, led by sharp losses in auto and banking stocks. Nifty Auto plunged 10.6%, Nifty PSU Bank fell 7.2%, Nifty Defence and Nifty Private Bank dropped 7% each, while Nifty Metal declined 6%.

&quot;In the last week, the benchmark indices corrected sharply. The Nifty ended down by 5.20 percent, while the Sensex declined by over 4,300 points. Among sectors, almost all major sectoral indices witnessed selling pressure at higher levels, but the Auto index lost the most, shedding over 10.50 percent. During the week, the market breached the crucial support levels of 24,000/79,000, and post-breakdown, selling pressure intensified,&quot; said Amol Athawale, VP Technical Research, Kotak Securities.

&quot;Technically, on daily charts, the market has formed lower highs and lower lows, and on weekly charts, it formed a long bearish candle, which is largely negative. We believe that as long as the market is trading below 23,400/75,000, a weak formation is likely to continue. On the downside, the market could continue its correction wave until 22,800/73,600. Further downward movement may also continue, potentially dragging the index to 22,600/73,000. On the other side, above 23,400/75,000, the pullback move could extend until 23,600-23,800/75,600-76,100.&quot;

&quot;For Bank Nifty, it corrected nearly 7 percent this week. In the near future, 54,500 will be the key level to watch. Below this level, it could slip to 53,000-52,500. Conversely, above 54,500, the pullback could extend to 55,500-55,800,&quot; he added.

Foreign Institutional Investors (FIIs) extended their selling for the fourth consecutive week, offloading equities worth Rs 35,052.03 crore, while Domestic Institutional Investors (DIIs) remained net buyers with purchases worth Rs 37,739.78 crore.

The BSE Smallcap index shed 3.6 percent during the week, with Aqylon Nexus, Silver Touch Technologies, SEPC, InfoBeans Technologies, Amber Enterprises India, PG Electroplast, Yasho Industries, Sapphire Foods India, Capacite Infraprojects, Sunteck Realty, Rain Industries, Network People Services Technologies, Dynamatic Technologies, and Precision Wires India fell by up to 22%, while Confidence Petroleum, Chemplast Sanmar, Jindal Poly Films, Happiest Minds Technologies, Apollo Pipes, Liberty Shoes, TTK Prestige, and VTM gained between 15% and 22%.


Where is the market headed?

Rupak De, Senior Technical Analyst at LKP Securities

Nifty continued to fall as the sentiment has not improved so far. The index continued to deviate further away from the 200DMA as the selling intensified. The RSI has entered the oversold zone. Though the trend remains weak, in times of extreme weakness, the market might continue to fall, keeping the RSI in a deep oversold zone.

In the short term, the trend might continue to remain weak, with any rise being sold into. On the lower end, the index might fall towards 23000/22800, while on the higher end, resistance is placed at 23400.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Going ahead, the immediate support for Nifty is placed in the 23000-22950 zone. Any sustainable move below this zone could result in Nifty extending its weakness towards 22750, followed by 22500 in the short term. On the upside, the zone of 23450–23500 zone is likely to act as a strong resistance.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

The sharp downside momentum continued in the market for the third consecutive session on Friday, amidst the Middle East conflict and rising International crude oil prices, and Nifty closed the day lower by 488 points. After opening on a weak note, the market continued to slide lower for the better part of the session. Intraday upside recoveries in between have been used as a sell on rise opportunity.

A long bear candle has been formed on the daily chart, which made a new swing low of 23112 levels on Friday. Nifty has entered the support of the previous opening upside gap area of April 15, 2025, around 23,200-22,900 levels. Though Nifty is placed near the supports, there is still no confirmation of any bottom reversal pattern forming. This is not a good sign.

The underlying trend of the market is sharply down. There is a higher possibility of Nifty showing a minor pullback from near the lows of around 22900 by next week. If it fails to do so, then one may expect more weakness down to 22500-22000 levels in the near term. Immediate resistance is placed at 23500.

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.

Smallcap index outperforms benchmarks despite 10-22% drop in several stocks

<img class="size-full wp-image-13860115" src="https://images.moneycontrol.com/static-mcnews/2026/03/20260314033449_fall.jpeg" alt="The escalating geopolitical tensions in West Asia pushed the Indian benchmark indices to their steepest weekly decline in nearly four years. Except for Tuesday’s session, the market ended lower on all other days amid weak global cues, continued rupee depreciation, persistent FII selling, and rising crude oil prices." width="1280" height="720" /> The escalating geopolitical tensions in West Asia pushed the Indian benchmark indices to their steepest weekly decline in nearly four years. Except for Tuesday’s session, the market ended lower on all other days amid weak global cues, continued rupee depreciation, persistent FII selling, and rising crude oil prices.

<img class="size-full wp-image-13860118" src="https://images.moneycontrol.com/static-mcnews/2026/03/20260314033654_Nifty_sensex.jpg" alt="During the week, the BSE Sensex plunged 5.51 percent, or 4,354.98 points to close at 74,563.92, while the Nifty50 declined 1,299.35 points, or 5.31 percent, to end at 23,151.10." width="1280" height="720" /> During the week, the BSE Sensex plunged 5.51 percent, or 4,354.98 points, to close at 74,563.92, while the Nifty50 declined 1,299.35 points, or 5.31 percent, to end at 23,151.10.

<img class="size-full wp-image-13860119" src="https://images.moneycontrol.com/static-mcnews/2026/03/20260314033712_sensex_nifty_sensexdown.jpg" alt="The BSE Smallcap index shed 3.6 percent during the week, with Aqylon Nexus, Silver Touch Technologies, SEPC, InfoBeans Technologies, Amber Enterprises India, PG Electroplast, Yasho Industries, Sapphire Foods India, Capacite Infraprojects, Sunteck Realty, Rain Industries, Network People Services Technologies, Dynamatic Technologies, Precision Wires India fell by up to 22%, while Confidence Petroleum, Chemplast Sanmar, Jindal Poly Films, Happiest Minds Technologies, Apollo Pipes, Liberty Shoes, TTK Prestige, VTM gained between 15% and 22%." width="1280" height="720" /> The BSE Smallcap index shed 3.6 percent during the week, with Aqylon Nexus, Silver Touch Technologies, SEPC, InfoBeans Technologies, Amber Enterprises India, PG Electroplast, Yasho Industries, Sapphire Foods India, Capacite Infraprojects, Sunteck Realty, Rain Industries, Network People Services Technologies, Dynamatic Technologies, and Precision Wires India falling by up to 22%, while Confidence Petroleum, Chemplast Sanmar, Jindal Poly Films, Happiest Minds Technologies, Apollo Pipes, Liberty Shoes, TTK Prestige, and VTM gained between 15% and 22%.

<img class="size-full wp-image-13860120" src="https://images.moneycontrol.com/static-mcnews/2026/03/20260314033736_stocks5.jpg" alt="The BSE Largecap index shed 5 percent with Polycab India, IDBI Bank, Meesho, Larsen &amp; Toubro, TVS Motor Company, UltraTech Cement, Mahindra and Mahindra, Eicher Motors, IndusInd Bank, Maruti Suzuki India, Tata Motors Passenger Vehicles, Varun Beverages, Tata Motors falling between 10-15 percent. " width="1280" height="720" /> The BSE Largecap index shed 5 percent with Polycab India, IDBI Bank, Meesho, Larsen &amp; Toubro, TVS Motor Company, UltraTech Cement, Mahindra and Mahindra, Eicher Motors, IndusInd Bank, Maruti Suzuki India, Tata Motors Passenger Vehicles, Varun Beverages, and Tata Motors falling between 10 and 15 percent.

<img class="size-full wp-image-13860121" src="https://images.moneycontrol.com/static-mcnews/2026/03/20260314033759_sensex_nifty_market_Nifty_nse_bse.jpg" alt="The BSE Midcap index declined 4.5 percent with KEI Industries, Bharat Forge, Ashok Leyland, Schaeffler India, Colgate Palmolive (India), The Ramco Cements, IDFC First Bank, Hexaware Technologies, Godrej Industries, APL Apollo Tubes falling between 10% and 15%.. However, gainers included Premier Energies, LT Technology Services, Aurobindo Pharma, Ipca Laboratories, Brainbees Solutions, Suzlon Energy, Dixon Technologies. On the other hand, Adani Total Gas, NTPC Green Energy, Coal India, Adani Power, ABB India, Tata Power Company advanced between 5-17 percent." width="1280" height="720" /> The BSE Midcap index declined 4.5 percent with KEI Industries, Bharat Forge, Ashok Leyland, Schaeffler India, Colgate Palmolive (India), The Ramco Cements, IDFC First Bank, Hexaware Technologies, Godrej Industries, and APL Apollo Tubes falling between 10% and 15%.. However, gainers included Premier Energies, LT Technology Services, Aurobindo Pharma, Ipca Laboratories, Brainbees Solutions, Suzlon Energy, and Dixon Technologies. On the other hand, Adani Total Gas, NTPC Green Energy, Coal India, Adani Power, ABB India, and Tata Power Company advanced between 5 and 17 percent.

<img class="size-full wp-image-13860122" src="https://images.moneycontrol.com/static-mcnews/2026/03/20260314033855_sensex_nifty_stock_markets.jpg" alt="During the week, State Bank of India saw the sharpest erosion in market capitalisation, followed by Larsen &amp; Toubro, HDFC Bank and Bajaj Finance. In contrast, NTPC, Power Grid Corporation of India and Sun Pharmaceutical Industries recorded gains in their market capitalisation. " width="1280" height="720" /> During the week, State Bank of India saw the sharpest erosion in market capitalisation, followed by Larsen &amp; Toubro, HDFC Bank, and Bajaj Finance. In contrast, NTPC, Power Grid Corporation of India, and Sun Pharmaceutical Industries recorded gains in their market capitalisation.

<img class="size-full wp-image-13860123" src="https://images.moneycontrol.com/static-mcnews/2026/03/20260314033929_nifty_market-Sensex.jpg" alt="All the sectoral indices ended in the red, led by sharp losses in auto and banking stocks. Nifty Auto plunged 10.6%, Nifty PSU Bank fell 7.2%, Nifty Defence and Nifty Private Bank dropped 7% each, while Nifty Metal declined 6%." width="1280" height="720" /> All the sectoral indices ended in the red, led by sharp losses in auto and banking stocks. Nifty Auto plunged 10.6%, Nifty PSU Bank fell 7.2%, Nifty Defence and Nifty Private Bank dropped 7% each, while Nifty Metal declined 6%.

<img class="size-full wp-image-13860124" src="https://images.moneycontrol.com/static-mcnews/2026/03/20260314033951_stock1.jpg" alt="Foreign Institutional Investors (FIIs) extended their selling for the fourth consecutive week, offloading equities worth Rs 35,052.03 crore, while Domestic Institutional Investors (DIIs) remained net buyers with purchases worth Rs 37,739.78 crore." width="1280" height="720" /> Foreign Institutional Investors (FIIs) extended their selling for the fourth consecutive week, offloading equities worth Rs 35,052.03 crore, while Domestic Institutional Investors (DIIs) remained net buyers with purchases worth Rs 37,739.78 crore.

<img class="size-full wp-image-13744692" src="https://images.moneycontrol.com/static-mcnews/2025/12/20251227024434_rupee-fall.jpg" alt="The Indian rupee extended losses for the second straight week, hitting a fresh record low of 92.47 against the US dollar in Friday’s session amid persistent geopolitical tensions. The currency ended the week near the all-time low at 92.45 on March 13, down 71 paise from 91.74 on March 6, trading within a weekly range of 91.74–92.47." width="1280" height="720" /> The Indian rupee extended losses for the second straight week, hitting a fresh record low of 92.47 against the US dollar in Friday’s session amid persistent geopolitical tensions. The currency ended the week near the all-time low at 92.45 on March 13, down 71 paise from 91.74 on March 6, trading within a weekly range of 91.74–92.47.

Markets suffer largest weekly fall in almost four years; rupee hits new low

Correction looks very much complete for large caps after ongoing bear phase amid Iran war-led oil risks, Believe large cap IT is attractive cash-rich deep-in-value contra buy for investors with horizon of 6-8 years, Strait of Hormuz blockage might not last beyond month of March 2026 as blockage impact almost every Asian country

* Correction looks very much complete for large caps after ongoing bear phase amid Iran war-led oil risks
* Believe large cap IT is attractive cash-rich deep-in-value contra buy for investors with horizon of 6-8 years
* Strait of Hormuz blockage might not last beyond month of March 2026 as blockage impact almost every Asian country

shorts/business/daily-voice-large-caps-past-worst-of-correction-mid-small-caps-face-more-pain-says-ametra-s-karan-aggarwal

According to Karan Aggarwal, the CIO and Co-Founder of Ametra PMS, corrections look very much complete for large caps after the ongoing bear phase amid Iran war-led oil risks. Dip over the last 2 months has pulled valuations down to lows of April 2025, which means markets have already been sufficiently punished for weak EPS growth, he said in an interview with Moneycontrol.

However, he feels midcap and small cap space still has some pain in store are still dealing with abnormally high valuations in the range of 25x-30x.

Meanwhile, he believes large-cap IT is an attractive, cash-rich, deep-in-value contra buy for investors with a 6-8-year horizon and the appetite to average out over multiple dips over the next 12-36 months. However, any investors looking for a quick rebound might be in for disappointment, he said.

Do you think the Strait of Hormuz could trigger an energy crisis if the tensions persist for long?

There is no doubt that a blockade of the Strait of Hormuz can trigger a global economic crisis, as it accounts for nearly 20% of daily global LNG and oil transportation. If one looks at history over the last 60 years, every single energy inflation spike – be it the 1970s or early 90s or 2003-2007 or early 2020s - has been a result of a supply shock on account of geopolitical events which have happened with a remarkable regularity.

As happened in the past, if Hormuz blockage becomes a permanent feature of our lives, there would be a short-term spike in inflation around the world and the world would move on in 12—18 months, rendering this passage either redundant or designing a workaround.

Do you expect any major changes in the oil and gas supply chain, or a significant shift toward alternatives to oil and gas, if the Iran war continues for months?

Blockage might not last beyond month of March 2026 as blockage impact almost every Asian country and extended blockage might warrant a direct military participation from multiple players. Having said that, Russia might end up as big winner in case of extended blockage, it has a well-established supply chain infrastructure across Asia and Europe capable of fulfilling the shortfall at short notice. In the worst-case scenario, the US and Russia can rise as global providers of energy security.

Every oil price spike cycle sparks conversations about the search for alternatives. The harsh reality is that the transition needs massive government subsidies and financial support, which are not available, as most government treasuries around the world are dealing with excessively high debt-to-GDP ratios and the prospect of high inflation, translating into high borrowing costs in the near-to-medium term.

Do you think the market is almost done with the correction, or could we see another 5–10 percent decline from current levels?

On technical levels and to some extent on fundamental levels as well, correction looks very much complete for large caps. Dip over the last 2 months has pulled valuations down to April 2025 lows, which means markets have already been sufficiently punished for a weak EPS growth profile. However, the midcap and small-cap space still has some pain in store and is still dealing with abnormally high valuations in the 25x-30x range.

Across global markets, Asia, the US, and Europe are trading at premiums to pre-April 2025 highs. As long as global markets continue to trade at a premium to pre-April 2025 highs, Nifty 50 must hold the bottom of 22,800 with market trading in the range 22,800-24,300 for the next few weeks.

However, any bullish reversal might have to wait for moderation in valuations across the broader market and clarity on geopolitical risks related to the Iran war.

Do you rule out further interest rate cuts by the RBI’s MPC in the current calendar year?

The last energy inflation cycle in 2022 forced both the Fed and the RBI to take a hawkish stance, which remained in place for 2 years until the 2nd half of 2024. Though domestic inflation is in a comfortable territory, the RBI would like to take stock of the evolving situation in global energy markets before taking a call that might create panic in a few weeks.

RBI has already done its job to a large extent over the last 12 months by sharply cutting CRRs and repo rates, raising liquidity in the market. Any further cuts, if they happen in the next few months, would be more of a reaction to a US recession or AI-driven mass layoffs, rather than independent policy decisions.

Do you believe IT companies could soon become attractive counter buys?

Even before the AI-linked selloff at the beginning of 2026, large-cap IT companies were undergoing a long period of consolidation, with hardly any returns for investors. Industry bellwethers like Infosys and TCS are trading at a 10-20% discount to the Nifty 50. As of today, IT companies are looking at a transition from the man-hour model to an outcome-oriented model.

We do not intend to underplay AI-linked fears around IT toplines and layoffs. Still, the fact remains that there is a realistic chance that, despite nearly a 50% cut in topline, IT businesses might come out of the AI transition with fatter margins and bottom lines, driven by cost efficiencies over the next 3 years.

Large-cap IT is an attractive, cash-rich, deep-in-value contra buy for investors with a 6-8-year horizon and an appetite to average out over multiple dips over the next 12-36 months. However, any investors looking for a quick rebound might be in for disappointment.

Could defence emerge as an interesting investment theme now?

A major overhang for most defence companies is valuation. Almost the entire order book has already been priced into the present price levels. On the other hand, the delivery and growth track record of defence plays has been underwhelming, with average EPS growth in the mid-single digits over the last 5 years, which is not very attractive considering that most stocks are trading at valuations of 50x or more.

Negative probabilities, such as order rejections, order cancellations, and failure to deliver, are not yet priced, which makes the risk/return proposition quite unattractive.

Unless defence companies can demonstrate their execution capabilities, it will always remain a theme defined by sentiment rather than fundamentals.

Which sectors would you prefer to buy during the ongoing correction?

We prefer to focus on sectors that are not closely tied to discretionary consumption and white-collar spending trends. Our focus is on selective buying in FMCG, IT, Power and Pharma sectors. Additionally, as and when opportunities arise, we would increase our exposure to capital goods and the infrastructure sector.

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 consult certified experts before making any investment decisions.

Daily Voice: Large caps past worst of correction; mid-, small caps face more pain, says Ametra’s Karan Aggarwal

Sensex posts worst weekly drop since May 2020, down 5.5 percent, Auto stocks plunge 10.6 percent, biggest fall in six years, Coal India gains 6 percent as early summer boosts demand

* Sensex posts worst weekly drop since May 2020, down 5.5 percent
* Auto stocks plunge 10.6 percent, biggest fall in six years
* Coal India gains 6 percent as early summer boosts demand

Sensex fell 5.5% this week, its worst drop since May 2020, as Middle East conflict pushed crude oil above $100, raising inflation fears. All sectors lost, with auto stocks plunging 10.6%. Coal India rose 6% on higher demand prospects.

shorts/business/sensex-sees-worst-week-since-may-2020-due-to-middle-east-conflict-check-the-worst-performing-sectors-stocks

Benchmark index Sensex slid 5.5% this week, its worst weekly drop since May 2020, as a raging war in the Middle East kept crude oil prices above $100 a barrel, stoking inflation and growth jitters for India.

The Nifty 50 has dropped 5.3% this week. All the 16 major sectors logged losses this week. The broader mid-caps and small-caps dropped 4.6% and 3.7%, respectively.

Auto stocks plunged 10.6%, the biggest laggards, as fears the Middle East war could hit production and exports rattled investors. It was their steepest weekly drop in six years.

Financials-focused Bank Nifty slumped 7% this week amid intensifying foreign investor outflows.

Bucking the trend, Coal India jumped 6% as an early summer raised prospects for higher coal demand.

Benchmark indices extended their decline on March 13, falling for the third consecutive session as weak global cues and persistent foreign fund outflows weighed on investor sentiment, with Brent crude stabilising near $100 amid the ongoing West Asia conflict leading to sharp decline in the market. At close, the Sensex fell 1,470.50 points or 1.93% to 74,563.92, while the Nifty declined 488.05 points or 2.06% to 23,151.10.

45 Nifty stocks gave negative returns this week and 24 of them fell 5-12%.

L&amp;amp;T, M&amp;amp;M, UltraTech Cement, Eicher Motors, Maruti Suzuki are top Nifty losers while Polycab, IDBI Bank, MRPL, Bharat Forge are amongst top midcap losers.

&quot;India faces a material terms-of-trade shock from rising energy prices amid the ongoing Middle East conflict,&quot; as per Goldman Sachs.

Supply disruptions through the Strait of Hormuz are likely to hit sectors including automobiles, oil marketing, tourism, consumer durables, electronic manufacturing services, fertilisers and chemicals, and city gas distribution.

&quot;The extent of earnings damage will be dependent on the duration of conflict. Going by evolving dynamics, around 200 bps drop in FY27 earnings growth projections of Indian companies is likely,&quot; said Dharmesh Kant, head of equity research at Cholamandalam Securities.

&quot;With key support for Nifty on the downside to watch out for is placed around 22,700-22,400. The sharp decline has pushed daily oscillators into oversold territory, with the 14-period RSI below 30. A short-term pullback is possible, but there are no clear reversal signals yet. The index needs to start forming higher highs and higher lows on a sustained basis and close above last week high 24,303 to signal a pause or reversal in the downtrend,&quot; said Bajaj Broking.'

&quot;We believe that as long as the market is trading below 23,400/75,000, a weak formation is likely to continue. On the downside, Nifty could continue its correction wave until 22,800/73,600. Further downward movement may also continue, potentially dragging the index to 22,600/73,000,&quot; said Amol Athawale, VP Technical Research, Kotak Securities.

With inputs from Reuters

Sensex sees worst week since May 2020 due to Middle East conflict: Check the worst performing sectors, stocks

Nifty and Sensex saw their biggest weekly fall in over a year, BSE market cap dropped nearly Rs 10 lakh crore in a single day, Indian rupee hit a record low of 92.47 against the US dollar

* Nifty and Sensex saw their biggest weekly fall in over a year
* BSE market cap dropped nearly Rs 10 lakh crore in a single day
* Indian rupee hit a record low of 92.47 against the US dollar

Indian markets plunged as Nifty fell below 23,150 amid broad selling and rising oil prices due to geopolitical tensions. Sensex dropped 1.93%, Nifty 2.06%. Rupee hit a record low. Over 500 stocks touched 52-week lows; market cap fell by nearly Rs 10 lakh crore.

shorts/business/taking-stock-bears-drag-nifty-to-23-150-sensex-crashes-1-470-pts-auto-metal-psu-banks-worst-hit

Bears tightened their grip on Dalal Street, dragging Nifty below 23,150 intraday on March 13 amid broad-based selling as rising geopolitical tensions pushed crude oil prices higher.

Amid weak global cues, the market opened weak with Nifty below 23,500, and with extended profit booking it touched day's low of 23,112, before closing near the day's low.

At close, the Sensex was down 1,470.50 points or 1.93 percent at 74,563.92, and the Nifty was down 488.05 points or 2.06 percent at 23,151.10.

Broader indices underperformed the benchmarks, with the Nifty Midcap and Smallcap each falling 2.5%.

Both BSE Sensex and Nifty declined more than 5 percent each during the week, recording their biggest weekly fall in more than a year.

Also Read - India’s mcap drops $533 billion in 2026 so far, steepest fall in 15 years

The Indian rupee depreciated for the second consecutive session to hit a fresh record low of 92.47 against the US dollar. It settled at 92.45, down 26 paise from the Thursday's close.

In today's fall, the market capitalisation of BSE-listed companies declined by nearly Rs 10 lakh crore to around Rs 430.18 lakh crore from Rs 440.06 lakh crore in the previous session.

Also Read - Middle East war could trigger India earnings downgrades, GDP cuts if oil stays above $100: Chakri Lokapriya

Hindalco, L&amp;amp;T, Tata Steel, UltraTech Cement, JSW Steel were among biggest losers on the Nifty, while gainers included Tata Consumer, HUL, Bharti Airtel.

All other sectoral indices ended in the red with auto, PSU Bank, metal, media, PSU Bank down 3-4%.

Also Read - Global reserves may soften Hormuz supply hit, but oil could surge to $150 if disruption lasts longer

In stock specific, JK Lakshmi Cement shares shed 1.5% despite winning Juipahar limestone block in Assam, Ramky Infra shares rose 4% on bagging order of Rs 3,000 crore from Maharashtra government.

Balaji Amines shares fell 3% as plant disrupted amid ammonia supply shortage, ACME Solar shares added 6% on commissioning 142.67 MW / 481.49 MWh BESS phase-1, HFCL share price slipped 3% despite bagging order worth Rs 10,160 crore.

Also Read - Prolonged West Asia war could push India’s inflation above 5%, economists warn

More than 500 stocks touched their 52-week low, including Sapphire Foods, Birla Corp, Gravita India, Latent View, Jyoti CNC Auto, Tata Motors Passenger Vehicles, Newgen Software, Embassy Developers, Sonata Software, Piramal Pharma, Five-Star Business, Vedant Fashions, Exide Industries, Jyothy Labs, Alkyl Amines, Berger Paints, HDFC Bank, Indegene, KPIT Technologies, among others. Click to View More

Outlook for March 16

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

Nifty opened with a gap down and extended its decline through the session, ending the day 2.06% lower at 23,151. With today’s close, the index has partially filled the 203-point gap created on 15 April 2025 and has erased all the gains of FY26. Technically, the weakness is significant as Nifty closed below its 100-week EMA for the first time since June 2022 and slipped below the 20-month EMA for the first time since February 2025. Momentum indicators remain strongly negative, with the RSI falling below 25, indicating sharp bearish momentum, while a rising ADX highlights strengthening downside trend pressure.

Going ahead, the immediate support for Nifty is placed in the 23000-22950 zone. Any sustainable move below this zone could result in Nifty extending its weakness towards 22750, followed by 22500 in the short term. On the upside, the zone of 23450–23500 zone is likely to act as a strong resistance.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities 

The sharp downside momentum continued in the market for the third consecutive sessions on Friday amidst middle east conflict and rising International crude oil prices and Nifty closed the day lower by 488 points. After opening on a weak note, the market continued to slide lower further for better part of the session. Intraday upside recoveries in between have been used as sell on rise opportunity.

A long bear candle has been formed on the daily chart that made a new swing low of 23112 levels on Friday. Nifty has entered the support of previous opening upside gap area of 15th April 2025 around 23200-22900 levels. Though, Nifty placed near the supports, still there is no confirmation of any bottom reversal pattern forming. This is not a good sign.

The underlying trend of the market is sharply down. There is a higher possibility of Nifty showing minor pullback from near the lows of around 22900 by next week, if it fails to do so, then one may expect more weakness down to 22500-22000 levels in the near term. Immediate resistance is placed at 23500.

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: Bears drag Nifty to 23,150, Sensex crashes 1,470 pts; auto, metal, PSU Banks worst hit

8 out of 10 years BSE LARGECAP has given positive returns in March.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	--	--	--	--	--	--	--
Fibonacci	--	--	--	--	--	--	--
Camarilla	--	--	--	--	--	--	--

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