Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 27

livemint.com:

Sensex declined 361.64 points to close at 72,470.30, while the Nifty 50 settled 92.05 points, or 0.42%, lower at 22,004.70. Nifty 50 formed a small positive candle on the daily chart with a gap-down opening (body gap, not a western gap). “This candle pattern was formed beside the long bull candle of Friday.

This is indicating a broader range-bound action for the market. At the lows, the area of 21,900 is offering strong support for the market and the Nifty is facing stiff resistance at the highs around 22,150 - 22,200 levels. Hence, a decisive move beyond this range is likely to open sharp movement for the market on either side," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Shetti believes the overall long-term chart pattern remains positive and that indicates a possibility of an upside breakout in the near term. Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US consumer confidence to oil prices Here’s what to expect from Nifty 50 and Bank Nifty today: Analysis of the Open Interest (OI) data reveals the highest OI on the call side at the 22,100 strike price, followed by the 22,500 strike price. On the put side, the highest OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

The Nifty 50 index slipped into weakness amidst range-bound action on March 26 and closed the day lower by 92 points. “Nifty remained sideways throughout the day as market participants stayed perplexed on the first day of the holiday-shortened week. However, the trend remained positive for the short term as the index closed above the critical moving average on the daily chart.