The Indian stock market witnessed sharp losses on Friday, March 27, with benchmark indices declining more than 2% each. According to reports from Mint, the Sensex tumbled 1,690 points, or 2.25%, to close at 73,583, while the Nifty 50 dropped 487 points, or 2.09%, to settle at 22,819.60. Both the Sensex and the Nifty 50 extended their losing streak for the fifth consecutive week. As reported by Mint, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, noted that the Nifty 50 ended the week on a weak note, declining 1.28% to close at 22,819.60, with buying interest largely confined to the IT sector while most other sectors witnessed profit booking.
According to Dongre's analysis reported by Mint, the Nifty 50 failed to sustain above the crucial trendline support zone of 24,000–24,300 and slipped below the 23,000 mark, indicating weakness. The index is attempting to hold near its previous monthly low around 21,700, making the 22,000 level a critical support for the coming weeks. For the upcoming monthly expiry, Nifty is expected to trade within a broad range of 22,500–23,600. As reported by Mint, derivatives data supports this view, with the highest call open interest at the 23,500 and 23,000 strike levels indicating key resistance, while the highest put open interest at 22,000 and 23,000 suggests strong support.
According to Mint reports, Bank Nifty also ended the week lower, declining 2.16%, with strong support placed in the 52,000–51,500 zone and resistance in the 54,000–55,000 range. Market sentiment remained under pressure due to persistent global uncertainties, particularly the ongoing geopolitical tensions in West Asia. As reported by Mint, Dongre noted that overall market sentiment remains cautiously optimistic but fragile, with a decisive breakout above 24,500 on the Nifty and 56,500 on the Bank Nifty being crucial to confirm a continuation of the upward trend.
According to Mint reports, Ganesh Dongre of Anand Rathi has recommended three stocks for Monday trading. The recommendations include Bharat Electronics with a buy price of ₹405-410 and target price of ₹440 with a stop loss of ₹395, ONGC with a buy price of ₹255-260 and target price of ₹300 with a stop loss of ₹265, and Wipro with a buy price of ₹185-190 and target price of ₹225 with a stop loss of ₹175. As reported by Mint, these recommendations come amid ongoing Middle East tensions and market volatility.