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Nifty Prediction For Monday: Mideast Crisis, Crude Oil Price To Keep Markets Volatile; Know Key Levels For March 23
Nifty Prediction For Monday: Mideast Crisis, Crude Oil Price To Keep Markets Volatile; Know Key Levels For March 23
BSE Sensex and Nifty 50 end mixed amid volatility as Nifty corrects sharply on FII selling, crude surge, weak rupee and geopolitical tensions, bias stays bearish.
Volatility is expected to remain elevated when markets reopen on Monday, March 21, as benchmark indices continue to struggle amid weak global cues and fragile sentiment.
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The BSE Sensex settled at 74,532.96, gaining 325.72 points (0.44%) in the latest session, while the Nifty 50 closed at 23,114.50, up 112.35 points (0.49%) on the day. Despite the daily gains, both indices remained under pressure on a weekly basis.
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Market participants witnessed sharp intraday swings throughout the week. The Nifty moved between a high of 23,345.15 and a low of 23,067.60 during the session, reflecting continued uncertainty and lack of directional strength.
According to Ravi Singh, Chief Research Officer at Master Capital Services Ltd., the broader trend indicates a meaningful correction. He noted that the Nifty has declined nearly 8.20% this month, retracing a significant portion of its prior rally between March 2025 and January 2026.
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Singh attributed the ongoing weakness to multiple global and domestic factors. Escalating geopolitical tensions in the Middle East have raised concerns over global stability, while a nearly 7% surge in crude oil prices has intensified inflationary worries.
Additionally, persistent foreign institutional investor (FII) selling has continued to pressure equities. FIIs remained net sellers for the sixth straight week, offloading ₹29,898 crore worth of equities. However, domestic institutional investors (DIIs) provided some support, investing ₹30,642 crore during the same period.
The weakening Indian rupee, which touched a record low of 93.7870, further added to market concerns.
Sectorally, defence, FMCG, and realty stocks emerged as top laggards, declining 2.41%, 1.91%, and 1.89%, respectively. In contrast, auto and metal stocks showed relative resilience, gaining 2.15% and 1.06%.
Hitesh Tailor, Research Analyst at Choice Broking, highlighted that the Nifty has corrected nearly 13% from its all-time high, indicating a broader corrective phase. He also noted that the weekly RSI stands at 30.22, suggesting near-oversold conditions and weak momentum.
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From a technical perspective, analysts suggest the market remains in a bearish zone. Ravi Singh indicated that the Nifty is trading below its 200-day EMA, with 22,930 acting as a crucial support level. A breakdown below this could push the index toward 22,500. On the upside, 23,350 and 23,600 are seen as key resistance levels, with a “sell on rise” strategy preferred until a decisive breakout.
Source :News18
Source: OfficeNewz
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