Amol Athawale is VP-Technical Research, Kotak Securities
Last Update: 22 March 2026, 7.00 AM
For the week commencing on March 23, 2026
In the last week, the benchmark indices experienced volatile activity. After a roller coaster momentum, the Nifty ended at 0.16 percent lower while the Sensex closed 30 points lower. Among sectors, Auto and Digital indices gained 2 percent, whereas Defence and Oil & Gas indices lost the most, shedding nearly 2 percent. During the week, the market bounced back sharply but faced profit booking at higher levels, leading to a sharp correction again.
Technically, on daily and intraday charts, the market is still forming lower tops and trading well below short-term moving averages, which is largely negative. We are of the view that the short-term market outlook remains weak, and as long as it continues to trade below 23,350/75500, the weak sentiment is likely to persist. On the downside, 23,000/74400 would act as an immediate support zone. Below this level, selling pressure is expected to accelerate, and the index could slip to 22,700/73500. Further downside risk may continue, potentially dragging the index to 22,500/72900.
On the upside, a move above 23,350/75500 would be crucial. The next resistance zone for traders would be around 23,500/76000. If this level is surpassed, a bounce back could continue up to 23,800-24,000/76900-77500.
For Bank Nifty, strong support is placed at 53,000. Above this, a pullback could extend to 54,500-55,000. Conversely, below 53,000, the index could decline to 52,500-52,200.
Overall, the current market remains extremely volatile and uncertain, and this volatility is expected to continue in the near future.
🕗 Last Update: 6 March 2026, 7.00 PM
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Amol Athawale is the Vice President – Technical Research at Kotak Securities Ltd., known for his deep expertise in technical chart analysis and derivatives strategy.
He has over 18 years of experience in equity markets, specializing in identifying short-term trading opportunities using trend and momentum indicators.
His market commentaries and trading insights are widely followed by investors and media houses for their accuracy and clarity.
Amol is a regular contributor to financial publications and TV channels, offering actionable views on Nifty, Bank Nifty, and sectoral trends.
He focuses on support–resistance mapping, candlestick formations, and positional setups for traders and short-term investors.
His balanced approach — combining technical precision with market psychology — makes him one of the most respected voices in Indian market analysis.