Stock Market Update: Nifty 50, Sensex Likely to Open Lower Amid Oil Surge and Global Tensions

Markets in India are expected to open Thursday, 12 March 2026, session on a weak note due to rising global tensions and crude oil prices. Cues from GIFT Nifty signal a gap-down start. The index was trading near 23,819, with a discount of 120 points compared to its previous close of Nifty futures.

On Wednesday, 11 March 2026, the domestic market witnessed a sharp sell-off. Sensex fell 1,342.27 points or 1.72% to close at 76,863.71, while Nifty 50 declined 394.75 points or 1.63% to settle at 23,866.85.

 Sensex Outlook

The Sensex faces near-term pressure after forming a bearish candle on the daily chart. The index formed a lower-high pattern, which indicates continued downward pressure.

Analysts suggest the 77,500 will act as a key resistance in the short-term. Market sentiment will likely stay bearish until the index breaks above this resistance level. 

On the downside, the index could retest the 76,300 support level, while a sustained correction might push it towards the 76,000-75,800 range.

Nifty 50 Outlook

The Nifty 50 continues to trade below key moving averages, reinforcing the broader bearish trend. The index formed a long bearish candle after failing to sustain near the 24,300 level earlier in the week.

The Relative Strength Index (RSI) nears 30, approaching the oversold territory. 

Nifty faces immediate resistance at 24,050, while 23,700 remains a key support level. 

Derivatives data show significant put writing at 23,700 strike, suggesting strong support, while heavy call writing can be seen at 24,000 strike.

Also Read: US Stock Market Today: Wall Street Slides as Oil Prices Surge on Iran War Risks and Fed Rate Concerns

Bank Nifty Outlook

The Bank Nifty declined 1,215 points or 2.13% to close at 55,735.75, forming a large bearish candle on the daily chart.

The 55,400-55,300 will act as a key support zone. A break below this level could lead the index toward 54,900 and 54,500 in the short term. 

On the upside, 56,100-56,200 remains a strong resistance zone.

Key Market Triggers

The recent rise in the prices of Brent crude, which recently approached $92.8 per barrel, has created inflation concerns across the world. The US-Iran conflict remains the key driver for market volatility.

The India VIX surged past 20, suggesting traders expect upcoming sessions to have wider price swings.