According to The Economic Times, Nifty has successfully held above the crucial 24,000 mark with key support identified at 23,700 and resistance levels at 24,300 and 24,500. As reported by The Economic Times, Anand James, Chief Market Strategist at Geojit Financial Services, expects sustained buying to drive Nifty toward 24,900 as volatility eases. The index had an objective of 24,400 last week but with three days of close above the super trend, an extension to 24,900 is on the cards. The VIX fell 7% on Friday, dragging it well below 19, indicating reduced panic-driven volatility that dominated the month. With Q4 numbers flowing in, stock-specific moves are likely to dominate rather than broad-based movements. Latest market data shows Nifty closed up 1.16% with a net gain of 275.50 points, extending the rebound after a day of breather. As reported by The Economic Times, Nifty 50 index made a new high at 21,731 in December 2023 and touched an intramonth high of 21,801, with markets currently very close to that level at the end of March 2026.
As reported by The Economic Times, Bank Nifty has delivered a sharp rebound from a key support zone and reclaimed short-term moving averages, highlighting strong buying interest. Derivative positioning reinforces the bullish outlook with nearly 85% of near OTM put strikes witnessing short buildup, indicating traders' confidence in higher levels. Around 75% of stock futures saw long additions or short covering on Friday, with close to 80% showing week-on-week short covering. Index heavyweights such as HDFC Bank, ICICI Bank, SBI, Kotak Bank, and Axis Bank have formed bullish weekly reversal patterns, suggesting improved upside traction. Recent market performance shows Bank Nifty momentum with stocks like Canara Bank (+13.7%), IDFC First Bank (+26.2%), and HDFC Bank (+39.6%) leading the banking sector gains. Latest stock data from The Economic Times shows Canara Bank at ₹140.15 with 13.7% upside potential, IDFC First Bank at ₹66.21* with 26.2% upside, and HDFC Bank at ₹810.3* with 39.6% upside.
According to The Economic Times, Nifty IT continues to underperform, staying below key resistance levels with momentum indicators remaining subdued. Derivative data reflects a mildly bearish setup with near OTM puts seeing long additions and near ITM calls witnessing short buildup. About 50% of IT stock futures have seen long unwinding, pointing to further consolidation or downside risk. The relative outperformance of Nifty Bank over Nifty IT remains technically encouraging and is likely to sustain in the near term. Latest IT sector performance shows mixed results with Infosys declining 2.94% while Wipro gained 15.8%, highlighting the sector's continued volatility. As reported by The Economic Times, Infosys is trading at ₹1,292.5 with 27.8% upside potential, while Wipro is at ₹204.88 with 15.8% upside, showing contrasting performance within the IT space.
As reported by The Economic Times, Nifty Realty has witnessed a sharp rebound from the 680-700 support zone and reclaimed near-term resistance. Rising RSI and bullish MACD crossover indicate improving momentum, suggesting further upside toward 780-800, while dips may attract buying interest. Heavyweights such as DLF, Lodha, Godrej Properties, Oberoi Realty, Phoenix Mills, and Prestige have formed strong weekly reversal signals, including declining trendline breakouts and Morning Star patterns, indicating scope for further upside in the coming week. However, The Economic Times notes that realty stocks have surged recently, which is seen as a rebound rather than a structural shift, with experts urging caution on the recent rally.
According to The Economic Times, Akshay Bhagwat, Senior Vice-President, Derivatives Research at JM Financial Services, recommends Power Grid for a breakout trade, Jubilant FoodWorks as a buy-on-support with strong volumes near 410 suggesting recovery toward 472-495, and Adani Ports for momentum plays. For ADANI ENERGY SOLUTIONS, he recommends a buy view with target of ₹1,300 and stop loss at ₹1,044. For BERGER PAINTS, he suggests a buy target of ₹475 with stop loss at ₹439. The momentum trade favors long positions in Bank Nifty with initial resistance around 57,100-57,300, while maintaining a cautious-to-negative stance on Nifty IT until clearer reversal signals emerge. Recent market developments show Godfrey Phillips emerging as a potential breakout candidate with technical parameters indicating a trend reversal toward ₹2,300 target.
