The three consecutive days of climb in the Indian markets has raised the support and hurdle levels for NSE Nifty 50. The frontline equity market index faces fresh resistance at 23,000-23,100 levels, analysts said post market hours on Wednesday, when focus shifted towards the interest rate decision to be announced by the US Federal Reserve.

The short-term texture of the Indian market is still on the positive side, but due to temporary overbought conditions, “we could see range-bound activity in the near future”, said Shrikant Chouhan, head equity research at Kotak Securities.

Chouhan noted that for day traders, the key support zones are 22,800-22,720, while 23,000-23,100 could act as crucial resistance areas for the bulls. “A fall below 22,720 would make the uptrend vulnerable,” he said.

According to Bajaj Broking Research, the Nifty 50 has extended up move on expected lines and is seen heading towards 23,000-23,200 levels in the coming sessions. The index’s immediate support is placed at 22,500-22,600 levels, it said.

Bank Nifty, a keenly tracked index on the NSE, can maintain the “upward momentum” if it stays above 49,650, said Hrishikesh Yedve, assistant vice president for technical and derivatives research at Asit C Mehta Investment Interrmediates Ltd.

“On the upside, the psychological level of 50,000 will act as a key hurdle. Short term traders are advised to adopt a ‘buy on dips’ strategy in Bank Nifty,” he added.

Market Recap

The frontline stock market indices ended higher for the third consecutive day on Wednesday ahead of the US Federal Reserve’s monetary policy decision.

The NSE Nifty 50 ended 73.30 points or 0.32% higher at 22,907.60, while the BSE Sensex closed 147.79 points or 0.2% up at 75,449.05.

FII/DII Activity

Foreign portfolio investors turned net sellers of Indian equities on Wednesday after a day, while domestic institutional investors stayed net buyers for the 29th straight session.

FPIs offloaded stocks worth Rs 1,096.5 crore and domestic institutional net bought equities worth Rs 2,140.8 crore, according to provisional data from the National Stock Exchange.

F&O Cues

The Nifty March futures rose 0.32% to reach 22,969, trading at a premium of 61 points.

Open interest in Nifty March futures declined 1.91%. For Nifty Options expiring on March 20, the maximum call open interest stands at 23,300, while the maximum put open interest is at 22,500.

Currently, Hindustan Copper, IndusInd Bank, and SAIL are listed under the securities in the ban period.

Major Stocks In News 

  • Indian Overseas Bank: The board of directors of the company considered and approved issue of Long Term Infra Bonds to the tune of Rs 10,000 crore.

  • NHPC: Following their previous announcement on 12th march 2025 , the company’s board of directors, in a meeting held on March 19, 2025, approved a borrowing plan to raise up to Rs 6,300 crore in FY 2025-26.

  • Hyundai Motors: The company announces up to 3% price hike for its vehicles effective April 2025 due to rising input cost, increased commodity prices and higher operational expenses.

Global Cues

The US Federal Reserve‘s decision to hold interest rates and future trajectory of monetary policy and economic outlook lifted Asian stocks following a rally on Wall Street.

Australian and South Korean shares gained. The Kospi rose by 0.4% and S&P/ASX 200 by 0.8%. Futures for Hang Seng was marginally lower by 0.04%. Japanese markets are closed for a public holiday.

Meanwhile, the S&P 500 closed 1.1% higher and Nasdaq was up 1.4%. Dow Jones Industrial Average climbed 0.9%. The Magnificent 7— a gauge of top seven American tech companies including Alphabet, Amazon, Apple, Meta Platforms, Tesla, Nvidia and Microsoft—surged 4%.

US futures were trading higher, with contracts for S&P 500 and Dow Jones up 0.4% and 0.3%, respectively. Nasdaq was up 0.5%.

The yield on 10-year US Treasuries declined four basis points to 4.24%, while the dollar index fell 0.3% to 103.36.

Brent crude was up 0.2% to near $71 a barrel. Gold also gained 0.2% to $3,054 an ounce, near record levels.

Forex Market

The rupee extended its gaining streak against the US dollar to fifth consecutive session on Wednesday. The local unit ended 13 paise higher at 86.44 against the greenback.

. Read more on Markets by NDTV Profit.The key support zone for the benchmark index is placed at 22,800-22,720 levels, analysts said.  Read MoreMarkets, Notifications 

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