Sensex, Nifty Prediction For Wednesday, March 18: Indian stock market indices Sensex and Nifty extended their recovery for the second consecutive session on Tuesday (March 17), supported by value buying and relatively stable global cues, although volatility persisted.
The Nifty opened firmly and traded within a range for most of the session. However, buying momentum strengthened, particularly in the latter half, helping the index close at 23,581.15, up 172.35 points or 0.74 per cent.
The 30-share BSE Sensex jumped 567.99 points or 0.75 per cent to settle at 76,070.84. During the day, it surged 801.41 points or 1.06 per cent to 76,304.26.
Sectoral participation remained largely positive. Metal, auto and realty stocks were among the key gainers, while IT and FMCG traded lacklustre and ended with marginal losses.
The broader markets also participated in the recovery, with midcap and smallcap indices gaining around 0.75–1 per cent indicating improving market breadth.
Ajit Mishra, SVP, Research, Religare Broking, said that apart from relatively stable global markets, optimism surrounding the partial normalization in global supply chains and stability in the rupee supported the rebound. However, elevated crude oil prices—still hovering above the $100 mark—continue to pose a key overhang. Persistent FII outflows are also keeping participants cautious despite the near-term bounce.
"We view this rebound as a mean-reversion move following the sharp decline in the Nifty index. The index has the potential to extend the rebound towards the 23,800–24,000 zone, while the 23,200–23,000 range is likely to remain a strong support area," he said.
Nifty Prediction For Wednesday
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that a reasonable positive candle has been formed on the daily chart with minor upper and lower shadow. Technically, this market action indicates a formation of high wave type candle pattern after a rise and at the immediate hurdle. This could be a challenging factor bulls to sustain above 23600-23700 levels in the short term.
The underlying short-term trend of Nifty is positive, but the market is not completely out of danger, unless it closes above 23600-23700 levels in the short term.
"Any failure to sustain the highs could possibly form a new lower top in the market and subsequent weakness. Immediate support is placed at 23350 levels," the analyst said.
Sensex Prediction For Wednesday
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking, said that Sensex is showing early signs of short-term stabilisation, with price action indicating accumulation near lower levels. However, confirmation of a stronger and sustainable uptrend will depend on consistent follow-through buying and a decisive move above key resistance levels.
On the technical front, Sensex is hovering near key support zones, indicating a cautious yet watchful undertone in the market. The 75,300–75,500 range stands as a crucial demand zone where dip-buying interest may emerge on any pullback.
"On the upside, the 76,800–77,000 band acts as the immediate resistance hurdle, where upside attempts are likely to face supply pressure and profit booking," he said.
With a strong rebound from lower levels, the near-term outlook shifts to neutral to cautiously positive. "However, a sustained move above 76,800–77,000 will be crucial to confirm further upside momentum and strengthen the recovery trend," the analyst added.
