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The Indian stock markets witnessed a significant relief rally on Tuesday, March 17, with the benchmark BSE Sensex surging over 560 points, snapping a recent streak of weakness, boosted by a rally in metal and auto shares and a positive trend in global markets.
The 30-share BSE Sensex jumped 567.99 points or 0.75 per cent to settle at 76,070.84. During the day, it surged 801.41 points or 1.06 per cent to 76,304.26. On the other hand, the 50-share NSE Nifty climbed 172.35 points or 0.74 per cent to end at 23,581.15.
As investors look toward Wednesday, March 18, technical analysts suggest that while the immediate momentum has turned positive, the index faces a critical “make-or-break” resistance zone.
Explaining the reason behind the surge in the index, the analyst said, “The rally was driven by broad-based buying in heavyweight stocks and improving global sentiment. The index maintained a positive bias throughout the session and sustained its gains, reflecting renewed buying interest at lower levels and signalling a relief rally after the recent corrective phase.”
Sensex Prediction for Wednesday, March 18 by experts
Sensex Prediction for Wednesday, March 18 by Vipin Dixena
Tracking intraday movements, SEBI-registered analyst Vipin Dixena observed that the Sensex is currently forming “higher lows” after its sharp recovery, suggesting a shift from a bearish to a range-bound structure with a mild bullish bias.
“Intraday chart shows a post-recovery consolidation near resistance after a strong bounce from lower levels. Structure indicates a shift from bearish to range-bound with mild bullish bias, as higher lows are forming after the sharp recovery. The EMA 50 is flattening, suggesting weakening bearish momentum,” he said.
Dixena said the Relative Strength Index (RSI) is hovering around 59, indicating that the bullish momentum is holding above the midline but may be approaching short-term exhaustion as it nears the next resistance level.
Technical levels to watch on Wednesday
For Wednesday’s trading session, the immediate pivot point is identified at 75,700. “As long as price holds above 75,700, bias remains positive toward 76,500 resistance. Failure to sustain above 75,700 may trigger a pullback toward 75,200,” Dixena said.
Sensex Prediction for Wednesday, March 18 by Hitesh Tailor
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited, noted that the index is showing early signs of short-term stabilisation. However, he cautioned that for this uptrend to be sustainable, the market needs to see consistent follow-through buying.
“From a technical perspective, the index is showing early signs of short-term stabilisation, with price action indicating accumulation near lower levels. However, confirmation of a stronger and sustainable uptrend will depend on consistent follow-through buying and a decisive move above key resistance levels,” he said.
Support, resistance levels to watch on Wednesday, March 18
On the technical front, Tailor said the index is hovering near key support zones, indicating a cautious yet watchful undertone in the market. “The 75,300–75,500 range stands as a crucial demand zone where dip-buying interest may emerge on any pullback,’ he stated.
On the upside, the 76,800–77,000 band acts as the immediate resistance hurdle, where upside attempts are likely to face supply pressure and profit booking, Tailor highlighted.
On the market bias for Wednesday, the analyst sees shifts to neutral to cautiously positive. “With a strong rebound from lower levels, the near-term outlook shifts to neutral to cautiously positive. However, a sustained move above 76,800–77,000 will be crucial to confirm further upside momentum and strengthen the recovery trend,” Tailor concluded.
Support Zone: 75,300–75,500 remains a crucial demand zone.
Resistance Hurdle: 76,800–77,000 is the immediate “supply zone” where profit booking is expected.
Market Bias: Shifts to neutral to cautiously positive.
Sectoral performance on Tuesday, March 17
The BSE MidCap Select Index jumped 0.86 per cent and SmallCap Select Index climbed 0.67 per cent.
Among sectoral indices, metal surged 2.81 per cent, followed by auto (2.05 per cent), realty (1.79 per cent), commodities (1.69 per cent), consumer discretionary (1.54 per cent), industrials (1.54 per cent), capital goods (1.40 per cent), telecommunication (1.24 per cent) and Bankex (0.90 per cent).
IT, FMCG and BSE Focused IT were the laggards.
A total of 2,362 stocks advanced, while 1,892 declined and 157 remained unchanged on the BSE.
On Monday, the Sensex jumped 938.93 points or 1.26 per cent to settle at 75,502.85. The Nifty climbed 257.70 points or 1.11 per cent to end at 23,408.80.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
