Anand Rathi's Ganesh Dongre Selects Three Stocks for Monday's Rally

Indian Stock Market Update

Market Performance The Indian stock market benchmarks, the BSE Sensex and the Nifty 50, closed higher on Friday, March 20, supported by selective buying following sharp losses in the previous session. The Sensex surged over 1,000 points during intraday trade but pared gains to end 326 points, or 0.44%, higher at 74,532.96. Meanwhile, the Nifty 50 advanced 112 points, or 0.49%, to settle at 23,114.50.

Market Outlook Despite the Nifty 50 ending the week on a 0.16% decline, sectoral buying interest remained visible across new-age stocks, textiles, automobiles, telecom, and cement, reflecting underlying broad-based strength in the market. The Nifty 50 index is expected to trade within a broad range of 22,500-23,600 in the upcoming week.

Derivatives Data Derivatives data further reinforces this view, with the highest Call open interest concentrated at the 23,500 and 23,200 strike levels, indicating key resistance zones. On the other hand, the highest Put open interest at 22,000 and 23,000 suggests strong support levels for the index.

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Bank Nifty The Bank Nifty also ended the week on a 0.62% decline, with strong support seen in the 52,000-51,500 zone and resistance placed at 56,000-56,500.

Weekly Stocks to Buy or Sell