Nifty 50 and Sensex Outlook: Indian Stock Market Update for March 20

Indian Stock Market Outlook: Friday, 15th April 2025

Market Expectations

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday amid mixed cues from global markets, and as investors may opt for short-covering after a sharp slump in the previous session.

Market Performance

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On Thursday, the Indian stock market crashed, snapping its three-day streak of impressive gains, with the benchmark Nifty 50 slipping near 23,000 level. The Sensex tanked 2,496.89 points, or 3.26%, to close at 74,207.24, while the Nifty 50 settled 775.65 points, or 3.26%, lower at 23,002.15.

Technical Analysis

• Sensex: Trading near lower levels after recent weakness, indicating a cautious undertone with potential for intermittent pullbacks. The 73,700 – 73,800 zone stands as a crucial demand area where some stabilisation or short-covering may emerge.
• Nifty 50: Formed a large bearish candle with an unfilled gap on the daily chart, reflecting a sharp rejection from higher levels. The overall chart pattern remains weak, and a slide below 22,900 could open the next downside target of 22,500 levels in the near term.
• Bank Nifty: Plunged 1,875.05 points, or 3.39%, to close at 53,451.00 on Thursday, forming a Gravestone Doji candlestick pattern on the daily chart, highlighting strong selling pressure from higher levels.

Key Resistance and Support Levels

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• Sensex: Immediate resistance hurdle at 74,700 – 74,800 range, while the 73,700 – 73,800 zone acts as a crucial demand area.
• Nifty 50: Immediate resistance at 23,350 levels, while a slide below 22,900 could open the next downside target of 22,500 levels.
• Bank Nifty: Immediate resistance area at 53,900 – 54,000 zone, while a breach below 53,400 could open the doors for a further decline towards the 52,800 mark.