Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 19
Sensex rose 104.99 points to close at 72,748.42, while the Nifty 50 settled 32.35 points, or 0.15%, higher at 22,055.70. Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadows. “Technically, this pattern is indicating range-bound action in the market post the sharp selloff of 13th March.
The immediate support of 21,900 has been tested in the last four sessions, but the market has failed to show any meaningful upmove from the support. This may not be a good sign for the bulls at the highs," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US tech stocks rally to oil prices He believes the short-term trend of the Nifty 50 remains positive with range-bound action.
A decisive break below the support of 21,900 - 21,850 is likely to drag the Nifty down to 21,500 levels in a quick period of time. Any upside bounce from here could encounter a strong hurdle around 22,200 levels. Here’s what to expect from Nifty 50 and Bank Nifty today: Upon analyzing the Nifty Open Interest (OI) data, the call side displayed the highest OI at the 22,200 strike price, followed by the 22,500 strike price.
On the put side, the highest OI was observed at the 21,800 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking. Nifty 50 continued to witness range bound action for the second consecutive session on March 18 and closed the day higher by 32 points. “The Nifty 50 remained volatile throughout the day, oscillating between 21,900 and 22,100.
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