Auto and Digital indices gained 2 percent, whereas Defence and Oil & Gas indices lost the most, shedding nearly 2 percent.
Amol Athawale,
VP Technical Research,
Kotak Securities
Mumbai, March 21, 2026: In the last week, the benchmark indices experienced volatile activity. After a roller coaster momentum, the Nifty ended at 0.16 percent lower while the Sensex closed 30 points lower. Among sectors, Auto and Digital indices gained 2 percent, whereas Defence and Oil & Gas indices lost the most, shedding nearly 2 percent. During the week, the market bounced back sharply but faced profit booking at higher levels, leading to a sharp correction again.
Technically, on daily and intraday charts, the market is still forming lower tops and trading well below short-term moving averages, which is largely negative. We are of the view that the short-term market outlook remains weak, and as long as it continues to trade below 23,350/75500, the weak sentiment is likely to persist. On the downside, 23,000/74400 would act as an immediate support zone. Below this level, selling pressure is expected to accelerate, and the index could slip to 22,700/73500. Further downside risk may continue, potentially dragging the index to 22,500/72900.
On the upside, a move above 23,350/75500 would be crucial. The next resistance zone for traders would be around 23,500/76000. If this level is surpassed, a bounce back could continue up to 23,800-24,000/76900-77500.
For Bank Nifty, strong support is placed at 53,000. Above this, a pullback could extend to 54,500-55,000. Conversely, below 53,000, the index could decline to 52,500-52,200.
Overall, the current market remains extremely volatile and uncertain, and this volatility is expected to continue in the near future.
