The NSE Nifty 50, which closed almost flat on Tuesday after days of climb, faces resistance at 23,800 levels, according to Rupak De, senior technical analyst at LKP Securities.

The immediate support for the benchmark index is placed at 23,600, while a drop below this level could drive the index toward 23,300, he said.

Nifty 50 is trading above the 100-day simple moving average, positioned around 23,500, serving as immediate support, pointed out Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C. Mehta Investment Interrmediates.

If Nifty breaks above 23,810, it could move towards the 24,080 level, where the 200-day simple moving average is located, the analyst said.

On the flip side, a decline below 23,500 could lead to further weakness towards the 23,300–23,200 range, he said.

Bank Nifty, also a keenly tracked index, faces resistance at around the 52,000 levels, Yedve underlined. The support level is placed at 50,980, he said. “If Bank Nifty holds above 50,980, a ‘buy on dips’ strategy should be adopted,” he said.

Market Recap

India’s benchmark equity indices extended its gains on Tuesday for the seventh day, with Nifty and Sensex closing a see-saw session with minor gains. This is the longest winning streak since September 2024.

The indexes gave up gains towards the end after hitting a three-month high.

The NSE Nifty 50 ended 10.30 points or 0.04% higher at 23,668.65 after it crossed the 23,800 mark earlier in the day, while the BSE Sensex closed 32.81 points or 0.04% higher.

FII/DII Activity

Foreign portfolio investors remained net buyers for the fourth straight session on Tuesday as they bought equities worth Rs 5,371.57 crore.

Domestic institutional investors turned net sellers of Indian equities after a session of buying, offloading equities worth Rs 2,768.87 crore, according to provisional data from the National Stock Exchange.

F&O Cues

The Nifty March futures declined by 0.14%, closing at 23,705, with a premium of 37 points. The open interest for Nifty March futures dropped by 9.94%.

For Nifty Options expiring on March 27, the highest call open interest was recorded at the 25,000 level, while the highest put open interest stood at 23,000.

Additionally, IndusInd Bank remained in the securities ban period.

Major Stocks In News 

  • Star Health: The insurer claimed it has not received any communication from the Insurance Regulatory and Development Authority of India regarding lapses in its claims settlement practices, countering media reports on the matter.

  • Maruti Suzuki: The company has received a draft assessment order from the Income Tax Department worth Rs 2,966 crore.

  • Ireda: The company has approved a borrowing programme of up to Rs 30,800 crore for fiscal 2026.

  • NCC: The company has secured two orders worth Rs 10,805 crore from BSNL for BharatNet projects in Uttarakhand and Madhya Pradesh.

  • ONGC: The company will make an investment of up to Rs 3,300 crore in its arm ONGC Green.

Global Cues

Asian stocks saw modest gains in early trading on Wednesday as investors looked for a clear direction amid weaker US consumer confidence and a late rally in US equities.

The Nikkei gained 0.3%, Kospi was up 0.3%, Australia’s S&P/ASX 200 and the Hang Seng seng rose 0.7% each.

US futures were up, with contracts for the S&P 500 and Dow Jones Industrial Average gaining 0.7% each. The Nasdaq 100 was up 0.1%.

The US Dollar Index currently stands at 104.31, while the US 10-year bond yield was unchanged at 4.33%.

Brent crude edged up 0.37% to $73.29 per barrel.

Meanwhile, cryptocurrency markets are experiencing a slight downturn, with Bitcoin falling 0.18% to $87,738.19. Precious metals are also seeing a decline, with gold spot prices dipping 0.11% to $3,016.83.

Currency Update

The Indian rupee snapped an eight-day winning streak against the greenback on Tuesday as both the US dollar index and crude oil prices rose. The domestic unit closed 12 paise lower at 85.76 against the dollar.

On Monday, the rupee had ended at over two-month high of 85.64 against its American counterpart.

. Read more on Markets by NDTV Profit.The immediate support for the benchmark index is placed at 23,600, as per analysts.  Read MoreMarkets, Business, Notifications 

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