Nifty Sinks to Six Consecutive Down Days in March: Experts Weigh Market Outlook

Market Update: Indian Equities Decline Amid Global Weakness

Key Figures:

• Nifty: 23,639, down 0.95%
• Sensex: 76,034.42, down 1.08%
• Intra-day low: Nifty 23,556

Market Performance:

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The Indian equity market indices, including the Nifty and Sensex, declined sharply on Thursday, extending their recent decline amid weak global cues and persistent geopolitical tensions. The Nifty opened with a gap down and remained volatile through the session, eventually settling around the 23,639 mark.

Sector Performance:

The Sensex tanked 829.29 points or 1.08 percent to settle at 76,034.42, while the Nifty slipped to an intra-day low of 23,556. So far in March, the Nifty has closed in the red in six out of eight trading sessions, declining more than 8% during this period.

Market Analysis:

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Market participants are closely watching whether the current weakness will continue or if strong support levels could help stabilise the index. Ajit Mishra, SVP – Research at Religare Broking, noted that the Nifty has breached its previous swing low of 23,700 but managed to hold the support around the 23,500 level.

Technical Analysis:

Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, identified the 23,550–23,500 range as a key support zone for the index. Rupak De, Senior Technical Analyst at LKP Securities, noted that the index slipped below the recent consolidation low, indicating increased weakness amid ongoing concerns around the Strait of Hormuz.

Support and Resistance Levels:

Support is placed at 23,400 and 23,200, while resistance is seen at 23,850. The RSI indicator is in a bearish crossover and is declining further, entering a zone of significant weakness.

Broader Market Performance:

Midcap and smallcap indices showed relatively better performance, declining around 0.5 percent each.