Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 15
Sensex gained 335.39 points to close at 73,097.28, while the Nifty 50 settled 148.95 points, or 0.7%, higher at 22,146.65. Nifty 50 formed a reasonable positive candle on the daily chart, besides the long bear candle of the previous session. This is indicating a pullback rally in the market.
“Nifty is expected to find a strong hurdle of mid part and upper part of the long bear candle of Wednesday around 22,175 and 22,450 levels respectively. The positive chart pattern like higher tops and bottoms is still intact, as the Nifty manages to make a new higher swing low of 21,905 levels so far on Wednesday," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. As long as the last higher bottom of 21,860 is protected, the chances of significant downward reversal could be doubtful, he added.
Shetti believes a sustainable upside bounce of Thursday could be a cheering factor for bulls to make a comeback. But a strong follow-through upmove from here could pull Nifty towards the hurdle of 22,450 - 22,500 levels and any failure could open another round of weakness from the lower highs. Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US producer prices to oil price rally Here’s what to expect from Nifty 50 and Bank Nifty today: Analyzing the Nifty Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking said the call side displayed the highest OI at 22,400, followed by 22,500 strike prices.
On the put side, the highest OI was observed at the 22,000 strike price. The Nifty 50 index shifted into a reasonable upside bounce amidst positive market breadth on March 14 and closed the day higher by 148 points. “The sentiment remains negative as the index
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