Nifty Prediction, Bank Nifty Prediction By Experts: Indian stock markets extended their decline on Friday (March 27) as both the benchmark indices, Sensex and Nifty 50, closed with a cut of 2 per cent.
The NSE Nifty index crashed 486.85 points or 2.09 per cent to end at 22,819.60. The BSE Sensex tanked 1,690.23 points or 2.25 per cent to settle at 73,583.22.
Sectoral indices remained negative as realty, auto, and financial stocks were among the key laggards. The Nifty IT index and pharma exhibited relatively better performance.
The broader markets also faced notable selling pressure, with both midcap and smallcap indices declining in the range of 1.5–2 per cent.
India VIX remained at an elevated level of 26, indicating continued caution among investors.
Nifty Prediction By Experts
Ajit Mishra, SVP, Research, Religare Broking, said that investor sentiment remained fragile due to a lack of clarity surrounding geopolitical tensions between the US and Iran.
On the technical front, the Nifty continues to hover near crucial support levels, indicating sustained pressure despite entering oversold territory.
Nifty Support And Resistance Levels
Nifty has immediate support placed around 22,500. If Nifty breaks below 22,500, the index will move towards 22,000.
On the upside, 23,000 is likely to act as an immediate resistance for the Nifty 50 index, the expert said. Above 23,000, Nifty may continue the recovery rally and move towards 23,500.
Nifty Chart Candle
A long bear candle was formed on the daily chart, which indicates a sharp reversal down in the Nifty after a pullback.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that this market action signals the formation of a new lower top reversal pattern at 23465 on the daily timeframe chart. This is in line with the ongoing bearish pattern, like lower tops and bottoms of the last one month.
"The underlying trend of Nifty has turned down sharply after a recent pullback rally. One may expect further weakness down to 22450 levels and lower in the coming week. Positional support is placed at 22000. Immediate resistance is placed at 23200," the analyst said.
Bank Nifty Support And Resistance Levels
Bank Nifty has a Key support near 50,500, and a break below this can trigger more selling. Below 50,500, the Bank Nifty index may move towards the major support placed at the 200 WEMA, currently placed around 48,800.
Bank Nifty resistance is seen in the 53,800–55,300 zone, said Ajit Mishra.
