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Nifty 50 Nifty Bank Analysis for March 28, 2025
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Nifty Bank & Nifty 50 Target & Stoploss Analysis
Nifty Bank (51575.88)
On Thursday, BankNifty showed strong rise by midsession and recovered to close at 51575.88, up by 366.85 points. Now On Friday, at the opening bell, BankNifty is expected to show profit booking and then uptrend may resume in the closing session. The support level is 51180 with resistance at 51843
*On lower side, it is expected to decline to 51180
*On higher side, it is expected to move up to 51843
Nifty 50 (23591.95)
On Thursday, Nifty showed uptrend by midsession and recovered to close at 23591.95, up by 105.10 points. Now On Friday, at the opening bell, Nifty is expected to profit booking and then uptrend may resume by closing session . The support level for today is 23454 with resistance at 23688
*On lower side, it is expected to decline to 23454
*On higher side, it is expected to move up to 23688
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
Technical Analysis of the Market by Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
Nifty bounced back on Thursday after one session of weakness of Wednesday and closed the day higher by 105 points. Nifty opened on a negative note and moved up from the lows in the early part of the session. It later shifted into a narrow range movement which lasted till the end.
A long positive candle was formed on the daily chart, after a long bear candle of previous session. Technically, this pattern indicates comeback of bulls after a minor dips. Nifty found the support at 200day EMA around 23400 levels and rebounded from the lows.
Positive chart pattern like higher tops and bottoms is intact as per daily chart and Thursday’s low of 23412 levels could now be considered as a new higher bottom of the pattern. This market action signal strength in overall upside momentum.
The near-term uptrend of Nifty remains intact. Having bounced from the lows, Nifty could now encounter the key overhead resistance around 23850 levels in the short term. Immediate support is placed at 23400 levels.
What is Vaishali Parekh’s prediction for Nifty 50?
(Vice President — Technical Research at Prabhudas Lilladher)
Market Preview
Domestic equity benchmarks Sensex and Nifty 50 settled higher in the previous session, driven by foreign capital inflows and strength in heavyweight stocks, amid the expiry of monthly derivates contracts.
The NSE Nifty 50 rose 0.45 per cent to 23,591.95, while the 30-share BSE Sensex traded 0.41 per cent higher at 77,606.43. The benchmarks traded 0.2 per cent lower at the open before reversing losses in a volatile session after US President Donald Trump announced US tariffs on auto imports.
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Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said, “Nifty, with the overall bias maintained strong, after a short period of breather, has taken support near the 23,400 zone and indicated a decent bounce back to close on a positive note near 23,600 level to anticipate for further rise in the coming sessions.”
For Bank Nifty, the Prabhudas Lilladher stock market expert said, “Bank Nifty, with strength indicated, has taken support near the important 200-period MA at 51,000 level and witnessed a significant pullback to once again anticipate carrying on with the positive upward move with targets of 52,600 and 53,800 levels expected in the coming sessions.”
Vaishali Parekh recommended three intraday stocks for today: SRF, Bajaj Housing Finance, and Cyient Ltd.
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For today’s outlook on the Nifty 50, Parekh said, “As mentioned earlier, the index would have the crucial and major support zone near 23,000 zones with the 50EMA positioned near 23,100 levels and can expect for higher targets of 23,800 and 24,200 levels in the coming days.”
On Bank Nifty, she said, “The zone near the significant 100-period MA at 50,350 level would be the most important support that needs to be sustained as of now.”
The support for the day is seen at 23,450 levels, while the resistance is seen at 23,800 levels. Bank Nifty would have a daily range of 51,200-52,200 levels.
Share Market today live & Nifty Analysis by Shrikant Chouhan
Head, Equity Research Kotak Securities
Today, the benchmark indices witnessed a recovery from lower levels, with the Nifty ends 105 points higher and the Sensex up by 318 points. Among sectors, the PSU Bank index was the top gainer rallied 2.4 percent, while the Auto index lost the most, shed 1 percent. Technically, after a muted open, the market bounced back sharply. On daily charts, it has formed a bullish candle, which is largely positive.
We are of the view that 23,400/77100 would be the key support zone for day traders. As long as it is trading above this level, the bullish formation is likely to continue. On the higher side, 23,750/78000 and 23,800/78200 would act as key resistance areas for traders. Conversely, a dismissal of 23,400/77100 could change the sentiment. Below this level, the market could slip to 23,300-23,225/76800-76500.
Analysis by Mr. Nandish Shah, Deputy Vice President, HDFC Securities
On the day of derivative expiry, Nifty resumed its upward journey, gaining 105 points to close at 23591. As anticipated, Nifty found support near 23400 and made a strong recovery of over 200 points from the day’s low of 23412. On the back of monthly expiry and Nifty Indices rejig, Nse cash market volumes surged 60% as compared to yesterday.
Rupee fell 7 paisa against the dollar to close at 85.78 as dollar rises on tariff threats along with rise in the crude oil prices.
After two days of profit booking, Nifty Midcap and smallcap Indices resumed their uptrend. The Nifty Midcap 100 index rose by 0.37% while Nifty Smallcap 100 surged 1.15%. Declining shares outnumbered the declining ones for the third day in the row, with advance-decline ratio stood at 0.72 on BSE.
Amongst the sector, Nifty PSU Banks, Media, OIL/GAS and Reality were major gainers while Nifty Auto, Pharma and Healthcare ended in the red.
The indicators and oscillators for the index remain robust, suggesting the continuation of an uptrend. On the upside, immediate resistance is seen at 23869, followed by 24125. Traders can utilize the support of 23400 as stoploss in their existing long positions of Nifty.
Analysis by Om Mehra, Technical Analyst, SAMCO Securities
No updates for today
Analysis by Rajesh Bhosale, Technical Analyst, Angel One Ltd – Angel One
Nifty witnessed a lackluster session on expiry day and settled near 23600
The Indian equity markets began the expiry session on a slightly negative note, with the benchmark testing the bullish gap. However, shortly after the opening bell, the bulls fought back and made a modest recovery, managing to hold at higher levels throughout the day. Ultimately, the Nifty50 index closed the session with a gain of 0.45 percent, approaching the 23600 zone.
The current stability above the 89 DEMA suggests a strong technical outlook for the benchmark and overall sentiments. In recent sessions, however, there have been only minor fluctuations in price. The level of 23700-23800 has proven to be a significant obstacle, and overcoming this barrier would likely initiate a fresh wave of momentum. This breakthrough could enable the price to reclaim the 24000 mark, with the potential to move even higher toward the 200 DSMA, which is situated around the 24080 zone. Conversely, the 89 DEMA, which aligns with a bullish gap of 23400, represents critical support for the price action. This support level is expected to mitigate any downward pressure and provide a buffer against potential declines in the near future. Thus, maintaining above this support is essential for sustaining an upward trend and limiting significant pullbacks. Traders and investors should closely monitor these levels for indications of future price movement.
As we approach the final session of the current financial year, combined with the upcoming extended weekend, the market is expected to remain subdued unless there are notable changes on the global front. Additionally, it is wise to stay informed about the uncertainties surrounding tariffs, as these factors are likely to influence the market’s intermediate outlook.
Analysis by Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities
Nifty Shows Signs of Strength; Bullish Momentum Awaits Strong Affirmation
Nifty bulls flexed their strength, reclaiming control at key support and demonstrating dominance. Despite the monthly expiry, volatility remained subdued, and intraday price swings were muted, yet buyers held firm, maintaining gains at elevated levels throughout the session, reflecting indecision among market participants. The index staged a resilient rebound from immediate support, showcasing a steady grip of bulls at lower levels. The price action signals a neutral phase as the index has established a well-defined trading range.
Furthermore, Nifty has garnered strong support at its 200-day EMA, emphasizing a robust foothold for buyers. With the index closing near its day’s high and sustaining above a crucial juncture, it reinforces a safety cushion for bulls at lower levels. Additionally, the Momentum indicator RSI remains perched above the 60 mark on the daily chart, while the index continues to trade comfortably above key moving averages, indicating that pullbacks can be seen as buying opportunities. This setup hints at a consolidation phase with strong accumulation at lower levels, although upside barriers remain stiff. On the downside, a well-defined demand zone has surfaced between 23,400 and 23,450, aligning with the 200-day EMA, offering a solid support base for the upcoming sessions.
Nifty wrapped up at 23,591.95, gaining 0.45% (+105.10 points), reinforcing an optimistic sentiment among traders. Despite the ongoing tug-of-war, continuous FPI buying and an improving long-short ratio suggest that the broader trend remains intact, and bulls are poised to regain traction in the forthcoming sessions. With the index hovering near a critical support zone, a buy-on-dips strategy remains favourable, while shallow pullbacks should be expected as sustained buying interest persists.
Options Market Insights
The derivatives market depicts a slightly bearish bias, with call writers holding the upper hand over put writers, hinting at a dip in traders confidence. Heavy call writing at the 24,000 strike (43.95 lakh contracts) has established it as a formidable resistance, while substantial put writing at the 23,500 level (41 lakh contracts) underlines strong support, reinforcing bullish sentiment at the lower end. The 23,500–23,300 range has transformed into a key accumulation zone, backed by aggressive put additions, whereas the 23,700–24,000 territory faces notable resistance due to persistent call writing. Additionally, the Put-Call Ratio (PCR) climbed from 0.81 to 0.86, reflecting cautious positioning among traders. With the Max Pain level stationed at 23,500, bulls continue to absorb selling pressure, setting the stage for a potential continuation of the upward trajectory.
Volatility Trends
India VIX, the primary gauge of market volatility, dipped 1.26% to 13.30, indicating lower uncertainty. As long as volatility remains below 15, market conditions are expected to retain a bullish undertone with minimal disruptions.
Market Outlook
The Nifty index has exhibited a sharp rebound from its support zone, signalling strong buying interest at lower levels, with an evident rise in put writing. Sustained FPI buying, an improving long-short ratio, and a well-established base at the 200-day EMA indicate that demand remains solid. RSI comfortably holds above the 60 mark, and the index continues to trade well above its 10-day EMA, hinting at a potential mean reversion or a period of time-based correction. Moreover, Nifty remains firmly above its 200-day EMA, reinforcing a sturdy support zone for the upcoming sessions. The 23,400–23,450 range remains a key demand area, bolstered by persistent put accumulation, flipping prior resistance into a reliable support zone. On the upside, the 23,700–23,800 region has emerged as a critical resistance zone, where heavy call writing and psychological hurdles may act as roadblocks. A decisive break above 23,800 could spark short-covering, accelerating bullish momentum toward 24,000. With call writers tightening their grip at higher levels and put writers staunchly defending the lower end, traders should anticipate a consolidation phase accompanied by intermittent profit-taking. As long as Nifty sustains above 23,400, a buy-on-dips strategy remains optimal. Meanwhile, a breakout beyond 23,800 could ignite the next leg of the rally, potentially propelling the index toward 24,000.
Market wrap up by Mr. Osho Krishnan, Sr. Analyst, Technical & Derivatives of – Angel One
Bulls on a roll; Nifty conquered 23650
The Indian markets began the new week on a positive note, drawing inspiration from developments in GIFT Nifty and a notable shift in market sentiments. After a gap-up opening, the bulls took charge and sustained their buying momentum, which led the benchmark index to surge into the 23700 zone. Ultimately, the Nifty50 index maintained its upward trend for the sixth consecutive session and closed above 23650, securing a gain of 1.32 percent.
The key developments of conquering one hurdle after another highlight the Bulls’ renewed enthusiasm and determination after a significant period of hibernation. The broad participation, coupled with the consecutive runaway gaps in the benchmark index, portrays a vivid picture of the prevailing market sentiment. It clearly indicates a robust underlying trend that strongly favors bullish movements, suggesting that optimism is permeating the market landscape once again. From a technical standpoint, the 23500 zone, followed by the 89 DEMA coinciding with the recent bullish gap of 23433-23400, is likely to cushion any shortcomings in the near period. On the flip side, the swing high of Feb’25 around 23800 seems the intermediate potent resistance, followed by 24100 (200 DSMA) in the comparable period.
Looking ahead, we have a promising opportunity to capitalize on the significant shifts in market trends alongside the strong momentum as we approach the monthly expiry. With a positive outlook, one must consider dips in the market as valuable buying opportunities. Implementing a trailing stop loss will also help effectively in securing profits as we navigate this dynamic environment.
Weekly market analysis by Amol Athawale, VP-Technical Research, Kotak Securities:
In the last week, the benchmark indices witnessed a stellar rally, with the Nifty gained 4.25 percent, while the Sensex was up by 3070 points. Among sectors, all the major sectoral indices traded in positive territory, with the Capital Market and Defense indices gaining the most. The Capital Market rallied by 14 percent, and the Defense index gained over 10 percent. During the week, the market successfully cleared the short-term resistance of 22,700/75000, and post-breakout, the positive momentum intensified. It also surpassed the 20 and 50-day Simple Moving Averages (SMA), which is largely positive.
Technically, on weekly charts, a long bullish candle has formed, and on daily and intraday charts, it is holding a higher bottom formation, which supports further upward movement from the current levels. We are of the view that the short-term market texture is bullish; however, due to temporary overbought conditions, we could see some profit booking at higher levels. For traders, buying on dips and selling on rallies would be the ideal strategy.
In the near future, 23,100/75800 and the 50-day SMA or 23,000/75400 would act as key support zones, while 23,500-23,700/77400-78000 could be the key resistance areas for the bulls. However, if it falls below 23,000/75400, the sentiment could change, and traders may prefer to exit from their long positions.
For the Bank Nifty, it rallied over 5 percent last week and is currently trading comfortably above the 50,000 mark. For the trend, traders should consider 50,000 and 49,700 as key support zones, while the 200-day SMA at 51,000 and 51,300 could serve as crucial resistance areas for positional traders.
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