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Sensex Prediction Today, March 20: Indian benchmark indices are expected to open the trading session on Friday, March 20, under significant pressure as technical charts signal a decisive shift in favour of bears. The market is currently navigating a sharp jump in crude oil prices and internal corporate governance shocks.
Equity investors’ wealth eroded by Rs 12.87 lakh crore on Thursday as stock markets went into a tailspin with the benchmark Sensex plunging over 3 per cent, pressured by a spike in crude oil prices due to increasing attacks on energy infrastructure in West Asia.
Investors have lost over Rs 37 lakh crore since the West Asia crisis erupted on February 28.
The market capitalisation of BSE-listed companies dived sharply by Rs 12,87,273.89 crore to Rs 4,26,13,557.95 crore (USD 4.61 trillion) in a single day.
HDFC Bank dropped 5.13 per cent after its chairman, Atanu Chakraborty, resigned, citing ethical concerns.
“Market breadth remained extremely negative, with all 30 index constituents ending in the red, indicating widespread selling across sectors. Heavyweight stocks such as Eternal, Bajaj Finance, Mahindra & Mahindra and HDFC Bank were among the key laggards, exerting significant downward pressure on the benchmark,” he said.
Sensex Prediction for Friday: Technical outlook for March 20 by Hitesh Tailor
According to Hitesh Tailor, Technical Research Analyst, the near-term momentum has turned strongly bearish following Thursday’s sharp breakdown.
“From a technical perspective, the sharp breakdown indicates a clear shift in near-term momentum in favour of bears, with the index slipping below key support levels and signalling heightened volatility. On the technical front, the index is trading near lower levels after recent weakness, indicating a cautious undertone with potential for intermittent pullbacks,” the analyst said.
Support and resistance levels to watch on Friday
Tailor has identified the 73,700–73,800 zone as a crucial demand area. Market participants will be looking for signs of stabilisation or short-covering at these levels. “On the upside, the 74,700–74,800 range acts as the immediate resistance hurdle, where any recovery attempt is likely to face supply pressure and profit booking,” he said.
For Friday, the outlook remains “sell-on-rise” unless there is a material improvement in global sentiment.
“With a decisive breakdown and close near the lower end of the range, the near-term outlook remains strongly bearish, and any pullback towards resistance levels is likely to be sold into unless sentiment improves materially,” the analyst concluded.
Sectoral performance on Thursday, March 19
BSE MidCap Select index tumbled 3.34 per cent and SmallCap Select index dropped 2.77 per cent.
All sectoral indices ended lower. Auto dived 4.07 per cent, followed by realty (3.79 per cent), financial services (3.66 per cent), consumer discretionary (3.62 per cent), BSE Top 10 Banks (3.53 per cent), industrials (3.49 per cent), services (3.44 per cent), BSE Focused IT (3.41 per cent) and consumer durables (3.38 per cent).
A total of 3,192 stocks declined, while 1,051 advanced and 161 remained unchanged on the BSE.
Brent crude, the global oil benchmark, soared 6.75 per cent to USD 114.8 per barrel after Iran attacked a key natural gas facility in Qatar as well as two oil refineries in Kuwait.
Iran intensified its attacks on its Gulf Arab neighbours’ energy sites on Thursday, hitting a Saudi refinery on the Red Sea and setting Qatari LNG facilities and two Kuwaiti oil refineries ablaze as it struck back following an Israeli attack on its main natural gas field.
On Wednesday, the Sensex jumped 633.29 points or 0.83 per cent to settle at 76,704.13. The Nifty surged 196.65 points or 0.83 per cent to end at 23,777.80
