Nifty Prediction For Tomorrow By Experts, March 27: Indian stock market indices extended their recovery for the second consecutive session on Wednesday (March 25), supported by easing geopolitical tensions and a decline in crude oil prices.
The Nifty opened on a firm note following positive global cues and witnessed steady buying for most of the session. However, marginal profit booking in the final hours trimmed the gains, and the index eventually settled at 23,306.45, up by 1.72%.
The 30-share BSE Sensex jumped 1,205 points or 1.63 per cent to settle at 75,273.45.
Sectoral participation remained broadly positive, indicating a strong rebound across the board. Realty, metal and financials led the gains, while auto and pharma also contributed to the up move.
The broader markets outperformed the benchmarks, with midcap and smallcap indices rising sharply by around 2.5% each, reflecting improved risk appetite and broader participation.
Nifty Support And Resistance Levels
Ajit Mishra, SVP, research, Religare Broking, said that investor sentiment improved significantly amid reports that discussions between the US and Iran could begin for negotiations, which helped cool crude oil prices below the $100 mark.
On the index front, the rebound is gradually gaining traction and is likely to extend towards the 23,600–23,800 zone, while the 22,600–23,000 band is expected to act as an immediate support area on any dip.
Om Mehra, technical research analyst, SAMCO Securities, said that sustaining above 23,500 on a closing basis will be important for extending the move toward 23,650–23,800. On the downside, 23,000–22,800 remains a crucial support zone.
Nifty RSI at 40
Nifty's RSI has moved up to near 40, indicating improving momentum from lower levels.
Nifty Chart Candle
On the daily chart, Nifty has formed a long bull candle was formed on the daily chart with minor upper shadow.
Technically, the market action of the last two sessions indicates a formation of crucial bottom reversal around 22500 levels (23rd March).
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that Nifty is encountering previous opening down gap resistance of 19th March around 23400-23600 levels.
"The underlying trend of the market continues to be positive. Further sustainable upside from here could pull Nifty towards the next upside of 23850 levels in the near term. Any consolidation/dip from here could find support around 23000 levels," the market expert said.
India VIX Level
India VIX remains elevated at 24.64, indicating that volatility continues to stay high despite the recent rebound.
