Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 28

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note on Friday, following losses in global markets.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 23,755 level, a discount of nearly 22 points from the Nifty futures’ previous close.

On Thursday, the domestic equity benchmark indices ended nearly half a percent higher each on March derivatives series expiry day.

The Sensex gained 317.93 points, or 0.41%, to close at 77,606.43, while the Nifty 50 settled 105.10 points, or 0.45%, higher at 23,591.95.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex witnessed a recovery from lower levels on Thursday and ended up by 318 points at 77,606, forming a bullish candle on daily charts, which is largely positive.

“We are of the view that 77,100 would be the key support zone for day traders. As long as Sensex is trading above this level, the bullish formation is likely to continue. On the higher side, 78,000 and 78,200 would act as key resistance areas for traders,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Conversely, he believes a dismissal of 77,100 could change the sentiment, and below this level, the Sensex could slip to 76,800 - 76,500.

Nifty OI Data

On Nifty options front, Maximum Call OI (Open Interest) is at 24,500 then 24,000 strike while Maximum Put OI is at 23,500 then 23,000 strike. Call writing is seen at 23,600 then 24,000 strike while Put writing is seen at 23,600 then 23,300 strike, said Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.

Option data suggests a broader trading range in between 23,000 to 24,000 zones while an immediate range between 23,400 to 23,800 levels, Taparia added.

Nifty 50 Prediction

Nifty 50 bounced back on March 27 after one session of weakness and closed the day higher by 105 points.

“A long positive candle was formed on the daily chart, after a long bear candle of previous session. Technically, this pattern indicates a comeback of bulls after a minor dip. Nifty 50 found the support at 200-day EMA (Exponential Moving Average) around 23,400 levels and rebounded from the lows,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, a positive chart pattern like higher tops and bottoms is intact as per daily chart and Thursday’s low of 23,412 levels could now be considered as a new higher bottom of the pattern. This market action signals strength in overall upside momentum.

“The near-term uptrend of Nifty 50 remains intact. Having bounced from the lows, Nifty 50 could now encounter the key overhead resistance around 23,850 levels in the short term. Immediate support is placed at 23,400 levels,” Shetti said.

Om Mehra, Technical Analyst, SAMCO Securities, highlighted that the Nifty 50 index formed a piercing pattern candle, a bullish daily chart signal indicating potential upward momentum.

“Despite a muted opening, the index staged a strong recovery early in the session and consistently stayed above the 23,500 mark, highlighting the prevailing positive trend.

On the hourly chart, Nifty exhibited a higher high and higher low structure and is holding above the 100-EMA, which underscores sustained strength. The daily RSI stands at 66, while the MACD indicator on the daily timeframe shows the fast line positioned above the slow line, further validating the positive outlook,” Mehra said.

According to him, the immediate support is placed at 23,450, while a decisive breakout above 23,720 could propel the index towards the 23,850 – 23,900 zone. Nifty 50 holding strong gains on the monthly chart indicates a buy-on-dips strategy likely to work for traders, he added.

Bajaj Broking Research said in a note that the Nifty 50 has formed a bull candle highlighting buying demand from the Monday’s bullish gap area (23,402 - 23,433).

“Overall trend remains positive, we believe the current breather should be used as a buying opportunity in quality stocks in staggered manner for up move towards 24,100 - 24,200 levels in the coming weeks being the confluence of high of January 2025 and 50% retracement of the entire decline (26,277 - 21,965),” Bajaj Broking Research said.

Bank Nifty Prediction

Bank Nifty index rallied 0.72% to end at 51,575.85, forming a piercing pattern on the daily chart, reinforcing a bullish outlook.

“Bank Nifty index holds above the 23.6% Fibonacci retracement level, suggesting that the recent decline remains well within a controlled range, preserving the broader uptrend. The index is positioned near the upper band of the Donchian Channels, hinting at sustained strength and a positive bias. The support remains at 51,000, and the resistance at 52,100. A buy-on-dips strategy could present an opportunity in the last session of the financial year,” Om Mehra said.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd., noted that the Bank Nifty index found support near the 200-Days Simple Moving Average (200-DSMA) and formed a bullish candle on the daily chart, indicating strength.

“On the upside, 51,880 and 52,000 will act as strong resistance levels. Traders are advised to follow a ‘buy on dips’ strategy in Bank Nifty as long as it holds above the 200-DSMA of 51,000,” Yedve said.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.