The Indian stock market faced a downturn on March 28, the last trading day of the 2024-25 fiscal year, as investor sentiment remained cautious amid anticipated tariffs from U.S. President Donald Trump. The Nifty 50 index fell by 72 points, closing at 23,519.35, down from 23,591.95 the previous day. Similarly, the BSE Sensex dropped 191 points, landing at 77,414.92, compared to 77,606.43 at its last finish. Meanwhile, the Nifty Bank index experienced a slight dip, settling at 51,564.
Market Overview
Despite the market’s decline, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, expressed a positive outlook for the Indian stock market. Parekh noted that the Nifty 50 is consolidating around the 23,500 mark. If it breaks above 23,700, it could signal the start of a new bullish trend on Dalal Street.
- Current Nifty Support and Resistance:
- Support: 23,400
- Resistance: 23,700
Insights from Vaishali Parekh
In her analysis, Parekh highlighted that the Nifty has shown consistent behavior around the 23,500 level, with fluctuations noted as the fiscal year came to a close. She believes that if the index decisively crosses 23,700, it could pave the way for targets of 23,800 and potentially 24,200 in the near future.
"The Bank Nifty has shown greater strength compared to the broader Nifty index," Parekh stated. "It has remained above the crucial 200-period moving average at the 51,000 level, which is essential for near-term stability. A breakthrough above the 52,000 resistance could lead to an upward movement targeting 52,600 and 53,800."
Stock Recommendations for Today
For those considering trading options, Parekh has identified three stocks to monitor:
-
ONGC:
- Buy Price: ₹246
- Target: ₹255
- Stop Loss: ₹240
-
Force Motors:
- Buy Price: ₹8,990
- Target: ₹9,800
- Stop Loss: ₹8,500
- CDSL:
- Buy Price: ₹1,220
- Target: ₹1,260
- Stop Loss: ₹1,185
Conclusion
As the financial year comes to a close, traders and investors are advised to remain vigilant and consider the insights shared by experts like Vaishali Parekh. Monitoring key resistance and support levels will be crucial for navigating the market in the coming days.
