Best Intraday Stocks to buy – Vaishali Parekh

🕗 Last Update: 23 March 2026, 7.00 AM

Indian Stock Market Closing Today: Nifty 50 Holds Gains, Bank Nifty Shows Weak Undertone

The Indian stock market managed to close in the green on Friday despite giving up a significant portion of intraday gains, reflecting a cautious but positive undertone.

The Nifty 50 gained 112 points to close at 23,114, while the BSE Sensex ended at 74,532. However, Bank Nifty underperformed, closing marginally lower at 53,427, highlighting selective weakness in the banking segment.

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Sector Performance: IT, Pharma, Metals Lead Gains

Market breadth remained positive, with most sectoral indices ending higher:

• Top Gainers: Telecom, IT, Metals, Pharma, PSU Banks (+1% to 2%)
• Lagging Sectors: Media, Private Banks, Realty

The broader market showed mixed participation:

• Nifty Midcap Index: +0.6% (continued buying interest)
• Nifty Smallcap Index: Flat (muted activity)

👉 This indicates selective stock-specific action rather than broad-based strength.

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Nifty 50 Outlook Today: Resistance Capping Upside

According to Vaishali Parekh, VP – Technical Research at Prabhudas Lilladher, the Nifty 50 is showing resilience but remains in a fragile structure.

The index opened positive but faced strong resistance near 23,300 – 23,350, leading to profit booking and closing near 23,100.

Key technical observations:

• Formation of lower highs on daily charts (bearish structure)
• Sustained resistance at higher levels
• Cautious sentiment despite minor recovery

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Nifty 50 Key Levels to Watch

• Immediate Resistance: 23,300 – 23,350
• Critical Support: 22,900

👉 Sustaining above 22,900 is crucial. A breakdown below this level may accelerate downside momentum.

Strategy Insight:
Market remains range-bound with negative bias, hence traders should stay cautious and avoid aggressive long positions.

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Bank Nifty Outlook Today: Weakness Continues

The Bank Nifty index continues to exhibit weakness, failing to hold early gains and closing near the day’s lower range at 53,400.

The price action indicates:

• Persistent profit booking
• Lack of strong buying support
• Weak follow-through after gap-up opening

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Bank Nifty Support and Resistance Levels

• Immediate Support: 53,200
• Major Support: 51,700
• Resistance Zone: 53,800 – 54,000

👉 A breakdown below 53,200 could trigger fresh selling pressure, while upside remains capped unless resistance is decisively breached.

Strategy Insight:
Traders should maintain a defensive approach and wait for confirmation before taking fresh positions.

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Chanakya View (Decisive Take)

Market is clearly in a fragile recovery phase with underlying weakness intact.
Until Nifty crosses 23,350 and Bank Nifty sustains above 54,000, rallies are likely to face selling pressure.

👉 Current structure favors “Sell on Rise” strategy over aggressive buying.

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