Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 28

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Sensex rallied 526.01 points to end at 72,996.31, while the Nifty 50 settled 118.95 points, or 0.54%, higher at 22,123.65. Nifty 50 formed a small positive candle on the daily chart with a minor upper shadow. Also Read: Indian stock market: 10 key things that changed for market overnight - Gift Nifty, S&P 500’s record close to oil prices “This market action indicates upside momentum in the market amidst range-bound action.

The overall chart pattern of the market remains positive with range-bound action. Nifty is currently placed at the upper range of 22,200 levels. A decisive break above this hurdle is expected to bring sharp upside momentum towards new all-time highs," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

However, according to Shetti, any weakness from here could drag the Nifty down to 21,900 levels again. 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 22,400 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.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 28 The Nifty 50 index continued its upside momentum with range-bound action on March 27 and closed the day higher by 118 points. “Nifty remained strong following an opening with a gain. During the day, it moved up above 22,100 and closed above it as well.