Sensex Prediction For Monday: Indian stock market came under pressure on Friday (March 27) after a two-day rally. Both the benchmark indices, Sensex and Nifty 50, crashed more than 2 per cent as the US-Iran war spooked the investors.
The BSE Sensex experienced significant selling pressure from the opening and remained in negative territory throughout the trading session. The index declined by 1,690.23 points, or 2.25%, to close at 73,583.22.
During the day, it plunged 1,739.04 points, or 2.31 per cent, to 73,534.41.
Reliance Industries, IndiGo, and Bajaj Finance were the top losers, dragging the Sensex index the most.
The NSE Nifty index dropped 486.85 points, or 2.09 per cent, to end at 22,819.60.
This sharp fall reflected weak market sentiment driven by unfavourable global cues. The persistent downward movement indicated a cautious and fearful approach among market participants during the day.
Sensex Outlook For Monday
According to Aakash Shah, Research Analyst, Choice Equity Broking Private Limited, on the daily chart, Sensex has formed a bearish Marubozu candlestick pattern, with the intraday high nearly equal to the opening level and the intraday low almost equal to the closing level.
This formation indicates that the session commenced with significant selling pressure, as reflected by the open and high remaining nearly identical," the analyst said.
He said that the closing level being close to the intraday low highlights sustained selling pressure throughout the session, thereby establishing a strong supply zone.
Sensex Support And Resistance Level
From a technical standpoint, the Sensex is expected to find immediate support in the 73,000–73,100 range, which may act as a key demand zone.
On the upside, resistance is placed around the 74,000–74,100 levels.
A sustained move above this resistance zone would be necessary to trigger any meaningful positive momentum in the upcoming sessions.
