Sensex, Nifty Prediction For Tuesday, 17 March: Markets started the week on a volatile note and gained over a per cent, snapping their recent losing streak, supported by bargain buying.
The Nifty opened flat after the steep correction seen in previous sessions and inched lower during the early hours, followed by a tight range-bound consolidation. However, buying in select heavyweights across sectors triggered a sharp rebound in the final hours, helping the index eventually settle around the 23,408.80 mark, up 257.70 points or 1.11 per cent.
Similarly, the 30-share BSE Sensex jumped 938.93 points or 1.26 per cent to settle at 75,502.85. During the day, it hit a high of 75,805.27 and a low of 73,949.76.
Sectoral participation was mixed. Auto, financials and banking were among the key gainers and contributed significantly to the recovery in the benchmark indices. However, weakness in the realty, pharma and energy space capped the overall momentum.
The broader indices also witnessed volatile swings and ended lower. The Nifty Midcap 100 dropped 0.27 per cent and the Nifty Smallcap 100 slipped 0.53 per cent.
Ajit Mishra, SVP, Research, Religare Broking, aid that the rebound largely reflects participants taking advantage of lower levels to accumulate select large-cap stocks after the sharp decline. However, the overall mood remained cautious amid persistent geopolitical tensions in the Middle East and elevated crude oil prices, which continue to raise concerns over inflation and India’s import bill.
"In addition, continued foreign institutional investor outflows and currency volatility are keeping risk appetite in check," he said.
Nifty Prediction For Tuesday, March 17
On the index front, the rebound helped the Nifty move back above the 23,300 mark after testing sub-23,000 levels intraday. Ajit Mishra, however, said that participants should not read too much into a single-day bounce and should wait for the sustainability of the move, as the index continues to trade below key resistance zones.
"Going ahead, the 23,600–23,900 band is likely to act as an immediate hurdle, while on the downside the 22,900–23,000 zone will remain an important support area," he said.
Nifty Support And Resistance Levels
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that a long bull candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action indicates counter attack by bulls from the lower supports (opening upside gap of 15th April 2025).
The underlying broader trend of Nifty remains weak and the market is still not out of woods. The bearish pattern like lower tops and bottoms is intact on the daily chart and the opening downside gap of 13th March remains open.
"There is a crucial overhead resistance placed around 23500-23600 levels and there is a higher possibility of sell on rise opportunity in the market at the hurdle. Immediate support is placed at 23000 levels," the analyst said.
Nifty Expiry On Tuesday
The scheduled weekly expiry of Nifty on Tuesday (March 17) and prevailing geopolitical tensions may keep volatility elevated, he said.
"Participants are advised to maintain a cautious stance, focus on stock-specific opportunities, keep position sizes light, and manage risk carefully," the expert said.
Sensex Prediction For Tuesday
From a technical perspective, Aakash Shah, Research Analyst, Choice Equity Broking, said that the index has managed to reclaim the 75,000 psychological level, suggesting short-term stabilization after the recent decline.
Sensex has immediate support around the 75,000–75,100 zone, which may act as a near-term demand area, the expert said.
On the upside, resistance is seen near the 76,000–76,100 band, and a sustained move above this level could trigger further recovery in the coming sessions, he added.
