The Indian stock market is expected to open on a weak note on Monday, March 23, 2026, amid ongoing tensions in the Middle East. GIFT Nifty also indicates a gap-down opening. The index was trading at 22,845.5 with a discount of 291 points from its previous Nifty futures close.
On Friday, 20 March 2026, the benchmark indices saw a rebound, where the Sensex rose 325.72 points or 0.44% to close at 74,532.96, while Nifty 50 advanced 112.35 points or 0.49% to settle at 23,114.50.
Technically, the Sensex formed a doji-type red candle with a very long upper shadow on the daily chart, indicating signs of consolidation at lower levels.
The 73,800-74,000 acts as a crucial support range, where strong demand could emerge. A break below this range could drag the index toward 73,200-73,000 levels.
While the 75,200 is the immediate resistance level, for any upside momentum, the index needs to close strongly above this level.
The Nifty 50 formed a small-bodied candle with a long upper shadow on the daily chart, suggesting selling pressure at higher levels.
Immediate support is registered at 22,900. A break below this level could trigger a decline toward 22,600, followed by 22,500.
On the upside, initial resistance can be seen at 23,500. A break above this level is required for positive momentum.
Derivative data shows heavy call writing at 23,300-23,500, while significant put writing can be seen at 23,000.
Bank Nifty closed 23.95 points or 0.04% to settle at 53,427.05 on Friday, 20 March 2026, forming a short bearish candle on the daily chart.
For this week, the 53,000 level stands as a key level. A break below this level may trigger a deeper correction toward 52,000.
On the upside, 54,100-54,200 will act as a crucial hurdle. A break above this resistance range could take the index further upwards toward 55,000.
Also Read: US Stock Market Today: S&P 500 Extends Losses as Traders Brace for Prolonged War and Volatility
The rupee declined further to record a low at 93.84, suggesting continued pressure on the currency. The dollar-rupee pair over the last four weeks has increased by 2.75%.
The weakness in the domestic benchmarks is largely driven by the Middle East conflict between the US-Israel and Iran, due to which the oil prices have increased to over $110.
Foreign Institutional Investors (FII) sold equities worth around Rs. 29,900 crore last week, extending the risk-off sentiment.
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