After opening on a negative note, the market moved up sharply in the early part of the session. It later shifted into a gradual decline with range-bound action from the highs in the mid to later part of the session. The market ultimately ended higher, driven by positive global cues.
The Nifty remained within the broad range of 22,300-22,600 for the sixth consecutive session. The index held 22,500 and closed the day with decent gains of 111 points at 22,509.
Among the sectoral indices, Nifty Pharma, Healthcare, and Financial Services posted the strongest gains, while the Media, Realty, and PSU Bank indices closed in the red. The broader indices also edged higher, posting gains of nearly half a percent each.
Auto stocks like Maruti Suzuki India Ltd. (MSIL) and Tata Motors closed with minor cuts following a price hike announcement. Maruti will be increasing the prices of its vehicles by up to 4%, effective April 1, 2025. Tata Motors announced a price hike across its entire range of commercial vehicles, effective from April 1, 2025.
What do the Nifty 50 charts indicate?
The Nifty has been moving within a high low range of 22,300-22,600 levels over the last 5-6 sessions and is currently placed near the upper end of the range.
Nagaraj Shetti of HDFC Securities believes that a decisive move above the upper range of 22,600 could only open further upside towards 22,800-23,000 levels in the near term. Any failure to sustain the highs is likely to drag the index down to the lower band of 22,300 levels again.
According to Rupak De of LKP Securities, the Nifty mostly remained sideways before closing with a gain. On the hourly chart, the index has given a symmetrical triangle breakout, indicating positivity in the short term.
“The index might move towards 22,670/22,880 in the near term. On the lower end, support is placed at 22,350, below which the index might see some weakness,” he said.
What do the Nifty Bank charts indicate?
The Nifty Bank ended the session at 48,354.15, gaining 0.61% and holding firmly above the declining trendline, which has been drawn through recent highs. This indicates that the index has likely formed a short-term base after a decent consolidation.
“The daily RSI is rebounding from lower levels and is currently positioned at 44, suggesting a gradual recovery. A sustained move above the 23.6% Fibonacci retracement level, placed around 48,400, could propel the index higher toward the 48,800–49,000 zone. However, the index has displayed a pattern of alternating gains and losses, making intraday corrections possible. On the downside, immediate support is placed at 48,150, with a stronger cushion at 48,000,” said Om Mehra of SAMCO Securities.
Here are the stocks to watch ahead of Tuesday’s trading session:
– LIC appoints Shatmanyu Shrivastava as Chief Risk Officer of the company w.e.f. March 19, 2025.
– IREDA board approves enhancement of borrowing programme for FY25 By ₹5,000 crore. With this, company’s borrowing limit for FY25 has increased to ₹29,200 crore from ₹24,200 crore.
– Star Cement: Arm Star Cement Meghalaya declared as preferred bidder for composite license of Boro Hundong Limestone Block by Assam Government. Block spread over 400 hectares has estimated limestone resource of 146.75 Million Tonnes.
– JM Financial Board approves business transfer agreement with arm JM Financial Services for transfer of company’s private wealth business. Business transfer agreement effective from April 1, 2025.
– Shilpa Medicare: Arm Shilpa Biologicals enters into binding term sheet with Switzerland-based mAbTree Biologics AG for development, manufacture, marketing & sale of a New Biological Entity (NBE).
– NBCC bags order worth ₹44.62 crore from Mahatma Gandhi Institute For Rural Industrialisation, Wardha.
