Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 11 after Wall Street crash | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, following a sharp fall in global markets.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,384 level, a discount of nearly 131 points from the Nifty futures’ previous close.

On Monday, the domestic equity market indices ended lower, with the benchmark Nifty 50 slipping below the 22,500-mark.

The Sensex declined 217.41 points, or 0.29%, to close at 74,115.17, while the Nifty 50 settled 92.20 points, or 0.41%, lower at 22,460.30.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex ended lower by 217 points at 74,115.17 on Monday, forming a bearish candle on the daily charts, indicating further weakness from the current levels.

“The short-term market texture is still on the positive side. For day traders, 74,300 would be the key level to watch. As long as Sensex is trading below this level, the weak sentiment is likely to continue. On the downside, it could retest the levels of 74,000 – 73,700. Conversely, if it moves above 74,300, the sentiment could change, and the market could rally to 74,500 – 74,700,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty 50 Prediction

Nifty 50 slipped into weakness on March 10 and closed the day lower by 92 points.

“A small negative candle was formed on the daily chart with a long upper shadow. Technically, this market action indicates an emergence of selling pressure from the overhead resistance. Having placed above the initial resistance of the previous opening downside gap of 28th February at 22,500 levels, Nifty 50 failed to sustain above the hurdle and closed lower,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the short-term trend of Nifty 50 is still positive and the market could show further consolidation or minor dip in the next 1-2 sessions before moving up further.

“A decisive move above 22,700 levels could open further upside in the near term. Immediate support is placed at 22,200 levels,” Shetti said.

Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty 50 remained volatile throughout the day, finding resistance at the 21 EMA (Exponential Moving Average) on the daily chart, which led to a decline towards 22,400.

“Going forward, 22,400 might continue to act as crucial support, and sentiment is unlikely to weaken unless Nifty 50 falls below this level. On the higher end, resistance is placed at 22,750, above which the bulls might gain increased strength. The overall large-cap sentiment could also strengthen if Nifty 50 moves above 22,750,” De said.

VLA Ambala, Co-Founder of Stock Market Today, said that during Monday’s trading session, Nifty 50 remained in the ‘sell on the rise’ zone and faced rejection at its 20-day EMA.

“After analyzing this market condition, we can say that if yesterday’s low is broken again, the Nifty 50 index could retest February 2025 levels. On the other hand, Nifty 50 formed a bearish inverted hammer candlestick pattern on the daily timeframe during Monday’s session. Amidst these developments, Nifty can hover near support 22,350 and 22,230 and notice resistance near 22,750 and 22,820 in the next market session,” Ambala said.

Bank Nifty Prediction

Bank Nifty lost 280.70 points, or 0.58%, to close at 48,216.80 on Monday and is precariously placed with 47,800 level as the important support zone.

“Bank Nifty once again slipped down with profit booking seen forming a lower top pattern on the daily chart and further ahead, has the important and crucial support zone of 47,800 levels which needs to be sustained, failing which, can trigger for fresh intensified selling pressure with 46,000 as the next support level,” said Vaishali Parekh, Vice President – Technical Research at PL Capital Group – Prabhudas Lilladher.

According to Parekh, on the upside, Bank Nifty would need a decisive breach above the 50-EMA zone of 49,500 levels to improve the bias and thereafter expect further rise in the coming days.

Bank Nifty would have the daily range of 47,800 – 48,700 levels, she added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.