The market outlook remains positive in the short term but might see some selling at higher levels due to temporary overbought conditions, according to Shrikant Chouhan, head equity research at Kotak Securities.

The 23,800–23,900 range is an important resistance zone, while 23,500–23,400 will act as a key support for the trend-following traders. If the market drops below 23,400, then traders may consider closing their long positions, Chouhan said.

The NSE Nifty 50 has immediate support around 23,510, aligned with the 100-day simple moving average, while short-term resistance is near 23,810, according to Hrishikesh Yedve, research analyst at Asit C Mehta of Investment Interrmediates Ltd. “Considering the robust bullish momentum, traders are advised to follow a buy-on-dip strategy while low-risk traders may consider booking profits around the 23,800 level.”

The immediate support for Bank Nifty is placed near 50,970, aligned with its 200-day simple moving average. The next major resistance for the index is around 52,000, which coincides with its previous swing high, Yedve said.

“A sustained move above 52,000 could trigger a fresh breakout in Bank Nifty,” Yedve added.

Market Recap

India’s benchmark equity indices extended its gains for the sixth straight session on Monday, the longest winning streak since September 2024.

The indices closed near a two-month high as the NSE Nifty 50 ended 307.95 points or 1.32% higher at 23,658.35, while the BSE Sensex closed 1,078.87 points or 1.4% up at 77,984.38.

FII/DII Activity

Foreign portfolio investors remained net buyers for the third straight session on Monday as they bought equities worth Rs 3,055.8 crore.

Domestic institutional investors turned net buyers of Indian equities after two sessions, mopping up equities worth Rs 98 crore, according to provisional data from the National Stock Exchange.

F&O Cues

Nifty March futures rose by 1.45%, closing at 23,699 with a premium of 41 points.

Meanwhile, open interest for Nifty February futures declined by 9.94%. For Nifty Options set to expire on March 27, the highest call open interest is at 25,000, while the highest put open interest stands at 22,500.

Additionally, IndusInd Bank remains in the securities ban period.

Major Stocks In News 

  • Restaurant Brands Asia: The company has launched its qualified institutional placement on Monday at a floor price of Rs 62.32 per share. The size of the QIP is Rs 500 crore. The deal to has a lock in period of 60 days lock.

  • Hyundai Motor India: The company will make an investment of Rs 694 crore for setting up tooling center in India.

  • Piramal Enterprises: The company will consider raising Rs 300 crore via NCDs on March 27.

Global Cues

Asian stocks climbed early on Tuesday, following a strong session for US equities. Signs that President Trump’s trade sanctions might be less severe than expected boosted market sentiment.

Australian and Japanese indices also advanced, rebounding from recent selloffs.

The Nikkei was up 0.84%, S&P ASX 200 rose 0.52%, while Kospi advanced 0.22%. Hang Seng futures were up 0.31%.

US futures remained mixed, with contracts for S&P 500 flat and Nasdaq 100 declined 0.03%. Dow Jones was also down 0.03%.

The dollar index — which tracks the greenback’s performance against a basket of 10 leading global currencies — fell 0.03% to 104.30. The benchmark yield remained unchanged at 4.33%.

Crude oil was up on Tuesday with the Brent crude rising 0.03% at $73.02 a barrel as of 6:49 a.m. IST, and Gold spot was up 0.09% at $3,013.90.

Currency Update

The rupee closed at over two-month high against the greenback amid the Reserve Bank of India’s $10 billion buy-sell swap. The domestic unit closed 33 paise higher at 85.64 against the US dollar, the highest level since Dec. 31, 2024.

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