The Indian stock market kicked off the week with a positive momentum as both the Sensex and Nifty indices saw significant gains, reflecting a robust start. However, Asian markets exhibited a more cautious approach, with several indices trading in the red due to uncertainties surrounding the forthcoming tariff deadline set by U.S. President Donald Trump. While Australia and South Korea faced declines, Japan’s markets showed resilience, managing to gain ground.

Key Market Indicators to Monitor

• U.S. GDP Data Release: Investors are eagerly awaiting the U.S. GDP growth data scheduled for March 27. This report could provide critical insights into economic performance and influence market dynamics. Additionally, traders are on the lookout for any updates regarding trade tariffs that could impact global markets.

• Ukraine Ceasefire Negotiations: Diplomatic dialogues aimed at resolving tensions in Ukraine are progressing, with a high-ranking U.S. delegation scheduled to meet with Russian officials to discuss a potential ceasefire in the Black Sea region. This meeting follows talks with Ukrainian representatives, highlighting ongoing efforts for de-escalation and potential shifts in U.S. foreign policy.

Current Gold Prices

• Gold Prices Today: In the gold market, 24-carat gold is priced at Rs 89,770 per 10 grams, while 22-carat gold stands at Rs 82,290. For those interested in 18-carat gold, the current price is Rs 67,330 per 10 grams.

Market Technical Outlook

The technical landscape of the market is showing promising signs. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, a long bullish candle has formed on the weekly charts. Short-term market sentiment appears optimistic, although some profit booking may occur at higher levels.

• Trading Strategy:
  • Buy around 23,100/23,200
  • Stop Loss at 22,900
• Key Support Zones: The levels of 23,100/75,800 and the 50-day SMA of 22,900/75,100 are crucial for market stability.
• Resistance Levels: Watch for barriers between 23,500-23,800/77,400-78,700.

Market Movers

In the latest updates, PowerGrid, LT, Kotak Bank, NTPC, and Axis Bank are among the top gainers in the Sensex 30 pack. Conversely, M&M, UltraTech Cement, and Titan are facing declines.

Market Recap

As the markets opened today, the Sensex began at 77,456.27, reflecting a 0.72% increase, while the Nifty started at 23,515.40, up by 0.71%. During the pre-opening session, both indices were already showing positive trends, with the Sensex rising over 500 points.

Crude Oil Market Updates

Crude oil prices experienced volatility but extended their upward trend for a second consecutive week. Factors influencing this include new U.S. sanctions on Iran and OPEC+ production cuts.

• Current Support and Resistance Levels:
  • Crude oil support at $67.55-67.00
  • Resistance at $68.90-69.60
  • In INR, support is at Rs 5,820-5,740, with resistance at Rs 5,970-6,050.

Insight on Market Conditions

Despite a rocky start to 2025, recent strong purchasing activity has shifted market sentiment positively. A favorable close on Wall Street, combined with net buying of Rs 7,470 crore by foreign institutional investors (FIIs), has bolstered confidence. Signals from President Trump regarding tariff flexibility have also contributed to a more optimistic outlook.

Stocks to Keep an Eye On

Several stocks are poised for attention today, including L&T, Godrej Properties, NCC, Power Mech Projects, MSTC, IRCON International, NMDC, TVS Holdings, IDBI Bank, and Welspun Corp.

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