Among sectors, almost all the major sectoral indices registered buying interest at lower levels
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, March 18, 2026: Today, the benchmark indices continued their positive momentum. The Nifty ended 197 points higher, while the Sensex was up by 633 points. Among sectors, almost all the major sectoral indices registered buying interest at lower levels, but the Media index outperformed today, rallying over 3 percent.
Technically, after a positive open, the market held positive momentum throughout the day. An uptrend continuation formation on intraday charts and a bullish candle on daily charts indicate a further uptrend from the current levels.
We are of the view that the market has completed one leg of the pullback rally, and we could see some profit booking at higher levels. For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. On the downside, 23,600/76000 and 23,500/75700 would be the immediate support zones, while 23,950–24,000/77000-77300 could act as crucial resistance areas for the bulls. However, below 23,500/75700, the sentiment could change. If the index falls below this level, traders may prefer to exit their long positions.
