Stock Market Update: Indices are Likely to Open on a Positive Note as Nifty 50 Eyes 23,500, and Sensex Holds Above 75,500

The Indian stock market is expected to start with a small gain on Tuesday, March 17, 2026. Even with the ongoing tension between the US and Iran, this positive trend follows similar trends in international markets. The GIFT Nifty suggests the market will open slightly higher, trading at 23,450, about 25 points above the last closing price. 

The fear index, known as the India VIX, dropped nearly 5% to fall below 22. This figure suggests that the heavy selling pressure in the market is starting to ease. Meanwhile, the Indian rupee weakened to 92.25 against the US dollar as foreign investors continued to pull their money out of the country. This decline was further fueled by the rising price of crude oil, which typically put additional pressure on the local currency.

Market Recap 

On Monday, 16 March 2026, the Indian stock market successfully bounced back from recent selling pressure, with benchmark indices ending the session on a positive note. The S&P BSE Sensex surged by 938.93 points (1.26%) to settle at 75,502.85, while the Nifty 50 jumped 257.60 points (1.11%) to close at 23,408.80. 

However, the broader market remained cautious despite this recovery, as midcap and smallcap stocks did not share the same success; the Nifty Midcap index slipped by 0.3%, and the Nifty Smallcap index declined by 0.5%.

Sensex Outlook

Technically, the Sensex formed a positive green candle on the daily chart. This suggests that the pullback is likely to continue in the near term.

The 75,200 and 75,000 will act as the immediate support zones. The pullback can be sustained only if the figures hold above these levels. On the upside, 76,000 and 76,500 will act as key resistance levels for the bulls. Conversely, a break below 75,000 could drag the index toward 74,200-74,000.

Nifty 50 Outlook

The Nifty 50 formed a bullish candle on the daily chart with wicks on both sides. This clearly signals a pullback. However, the broader trend continues to remain weak.

Immediate resistance can be seen at 23,500-23,600. This indicates a break above this zone could trigger a short rally toward 23,800. Also, selling pressure could emerge near this zone. On the downside, key support lies at 23,000, and a break below this level will indicate the trend continuation and may drag the index toward 22,800-22,700. 

Also Read: US Stock Market Today: Wall Street Climbs as Lower Crude Prices Ease Inflation and War Fears

Bank Nifty Outlook

Bank Nifty closed the Monday, 16 March 2026,  session with 655.55 points or 1.22% higher to settle at 54,413.40. The index formed a bullish candle with a long lower wick. This indicates buying interest on lower levels. 

The 54,900-55,000 zone will act as a key hurdle for the index. A sustained move above 55,000 could extend the pullback rally toward the 55,500 level. On the downside, 54,000-53,900 is expected to serve as a crucial support zone.