Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 27 after Trump auto tariffs | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, tracking weak global market cues after US President Donald Trump imposed 25% tariffs on automotive imports.

The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 23,500 level, a discount of nearly 22 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity market ended with sharp losses as investors opted for profit booking after a seven-day rally.

The Sensex slumped 728.69 points, or 0.93%, to close at 77,288.50, while the Nifty 50 settled 181.80 points, or 0.77%, lower at 23,486.85.

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

Nifty OI Data

Nifty Open Interest (OI) data shows the highest OI on the call side at the 23,600 and 23,700 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 23,300 strike price, marking it as a key support level, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 slipped into decline by breaking the trot of consecutive seven sessions of rise on March 26 and closed the day lower by 181 points.

“A long bear candle was formed on the daily chart, which is indicating a beginning of short-term downward correction in the market, after a sharp rise. The bullish chart pattern like higher tops and bottoms have started to form on the daily chart and present weakness could be in line with the new higher bottom formation,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the market is in a healthy downward correction and one may expect the Nifty 50 to bounce back shortly after forming a higher bottom.

“The next lower supports are placed around 23,400 – 23,200 levels. Any bounce from near the support could challenge the key hurdle again at 23,800 levels,” Shetti said.

Bajaj Broking Research said in a note that the Nifty 50 formed a bear candle signaling consolidation with corrective bias after the recent sharp up move of the last 2-3 weeks.

“Going ahead, we expect the Nifty 50 index to consolidate in the range of 23,850 – 23,200 thus working off the overbought condition developed in the daily stochastic after the recent sharp rally of 1,900 points in just 15 sessions. Support on the lower side is placed at 23,200 levels, being a recent breakout area,” Bajaj Broking Research said.

It believes the overall trend remains positive, and 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 sessions being the confluence of high of January 2025 and 50% retracement of the entire decline (26,277 – 21,965).

VLA Ambala, Co-Founder of Stock Market Today, said that the Nifty 50 faced resistance around the 23,800 range in the previous session and might end the month below that level.

“During the session, the Nifty 50 index formed a special price action pattern known as the Evening Star on the daily timeframe, signaling that selling on the rise could be a good strategy for the monthly expiry. Meanwhile, almost all sectors declined, creating pressure on the market during intraday trading. Amid these ongoing market developments, Nifty can find support near 23,320, 23,250, or 23,195, whereas resistance can be expected around 23,570, 23,650, or 23,740 in today’s market session,” Ambala said.

Bank Nifty Prediction

Bank Nifty, after an initial upmove, index witnessed heavy profit booking and settled the day lower by 398.95 points, or 0.77%, at 51,209.

“Technically, Bank Nifty formed a red candle on the daily chart, indicating weakness. On the downside, the 200-Days Simple Moving Average (200-DSMA), placed near 50,990, will act as key support for the index, followed by the recent breakout point of 50,640. On the upside, 51,880 and 52,000 will act as strong resistance levels. Traders should monitor these levels for potential trading opportunities,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bajaj Broking Research highlighted that the Bank Nifty index witnessed corrective decline for the second session in a row ahead of the monthly expiry session on Thursday.

“Bank Nifty index has formed a bear candle signaling profit booking after a rally of 4,200 points in just 9 sessions. Going ahead, we expect the index to consolidate in the range of 52,000 – 50,500 thus forming a base for the next leg of up move and in the process work off the overbought condition developed in the daily stochastic,” said Bajaj Broking Research.

It believes the current breather should be used to accumulate quality banking stocks as it expects the index to sustain above the recent major breakout area of 50,500 and gradually head towards 53,000 levels in coming weeks being the measuring implication of the last 10 weeks range breakout.

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.