Stock Market Update: Nifty 50, Sensex Likely Open Positively Amid Pullback

Indian stock markets are likely to open on Wednesday, 18 March 2026, on a cautiously positive note, with positive signals from international markets. GIFT Nifty also indicates an upside start, trading at 23,663.5 with a premium of 81.5 points from its previous Nifty futures close.

On Tuesday, 17 March 2026, the Indian markets closed in green with Nifty 50 gaining 172.35 points or 0.74% to close at 23,581.15. On the other hand, Sensex advanced 567.99 points or 0.75% to settle at 76,070.84.

Sensex Outlook  

Technically, the Sensex formed a bullish small-bodied candle on the daily chart with shadows on both sides. This reflects a continuation of the uptrend from the Monday, 16 March 2026, session.

The 75,500-75,300 would act as a key intraday support zone. If the index stays above this range, a pullback toward 76,500 can be seen. If momentum accelerates, the index could touch 77,000 in the near term. On the downside, sentiment could change below 75,300, and traders may be forced to close long positions.

Nifty 50 Outlook

The Nifty 50 formed a small bullish candle with wicks on either side on the daily chart. This shows a continuing pullback for the second session in a row.

Key resistance is at 23,600-23,700. The index remains in danger unless it strongly closes above this zone. Immediate support is placed at 23,350, and a break below this level could lead to selling pressure toward the 23,000 level.

Derivatives data shows a significant call writing visible at 23,600 strike, while substantial put writing can be seen at 23,500 strike.

India VIX declined around 9% and slipped below the 20 mark. This suggests that a little more easing in volatility could provide additional support to the bulls.

Bank Nifty Outlook

Bank Nifty gained 462.60 points or 0.85% to close at 54,876 on Tuesday, 17 March 2026. The index formed a bullish candle with a longer shadow. This signals demand at lower levels.

Key resistance can be seen at the 55,250-55,300 zone in the near term. A sustained move above 55,300 could lead to an upside toward 55,800. On the downside, the 54,400-54,300 range is expected to be a crucial support.

Also Read: US Stock Market Today: S&P 500 Gains 0.3% as Investors Show Confidence Amid Geopolitical Uncertainty

Sectoral Indices 

Most of the sectoral indices were in green, including capital goods, telecom, auto, infrastructure, metals, realty, media, and private banking stocks, rising between 1%-2%. However, FMCG and IT stocks declined slightly by 0.7%-1% respectively.

Meanwhile, the Nifty Midcap index gained around 1%, and the Smallcap index advanced 0.65%.