Indian equity indices ignored the weak global markets and extended the gains on fifth consecutive session on March 21 with Nifty crossing 23,400, intraday, led by buying across the sectors.
At close, the Sensex was up 557.45 points or 0.73 percent at 76,905.51, and the Nifty was up 159.75 points or 0.69 percent at 23,350.40.
For the week, Sensex and Nifty rose more than 4 percent each, logging the best weekly gain in last four years.
BPCL, ONGC, SBI Life Insurance, NTPC, Bajaj Finance were among major gainers on the Nifty, while losers included Hindalco Industries, Wipro, Trent, Infosys, Tata Steel.
BSE Midcap and Smallcap indices added 1-2 percent.
Except consumer durables and metal, all other sectoral indices ended in the green with oil & gas, media, telecom up 2 percent each.
More than 70 stocks touched 52-week high on the BSE, including Manappuram Finance, Chambal Fertilisers, Bajaj Finance, UPL, Kotak Mahindra Bank, Shree Cements, SRF, Welspun Corp, among others. Click here to view more
Outlook for March 24
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates
Nifty commenced the day on a marginally negative note, but after initial volatility, the index resumed buying interest and settled on a strong bullish note at 23,350. The broader market outperformed Nifty, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising by 1.38% and 2.06%, respectively.
Technically, Nifty continued its strength after breaking the trend line resistance and formed a bullish candle on both the daily and weekly charts, indicating strong momentum. Immediate support for the index is placed near the 23,000 level, while short-term resistance is positioned near 23,520, where the 100-day Simple Moving Average (SMA) is located. As long as Nifty stays above 23,000, traders are advised to follow a "buy on dips" strategy.
Similarly, the Bank Nifty index opened with a gap-down but witnessed a strong recovery from lower levels, ultimately settling on a positive note at 50,594. Technically, Bank Nifty has formed a bullish candle on both the daily and weekly charts, indicating strength. The next major resistance for the index is near 50,650, which is around its previous swing high. A sustained move above 50,650 could trigger a fresh breakout in Bank Nifty. Traders are advised to adopt a "buy on dips" strategy.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty continues to move upward following a falling trendline breakout, supported by upbeat sentiment. During the last trading session, the index encountered resistance at the 21-week exponential moving average, which is placed at 23,382. A decisive move above 23,400 could drive the index higher by another 200 points, as the next resistance is at 23,600. A clear breakout above 23,600 might trigger another leg of the rally. On the other hand, failure to move above 23,400 could lead to near-term consolidation.
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