Synopsis
On March 21, the Indian stock market opened flat, reflecting mixed global cues, with a noticeable decline in the IT sector. Key indices showed minor fluctuations, while experts anticipate potential support and resistance levels for Nifty.Key Takeaways
- Domestic indices opened flat with mixed cues.
- IT sector faced early selling pressure.
- Sensex and Nifty experienced slight declines.
- Support and resistance levels identified by experts.
- FIIs continued buying, while DIIs sold off equities.
Mumbai, March 21 (NationPress) The domestic benchmark indices opened flat on Friday amid mixed global cues, with early trading showing selling pressure in the IT sector.
At approximately 9:31 am, the Sensex was down by 7.77 points, or 0.01 percent, at 76,340.29, while the Nifty experienced a decline of 2.25 points, or 0.01 percent, at 23,192.90.
The Nifty Bank index increased by 60.10 points, or 0.12 percent, reaching 50,122.95. The Nifty Midcap 100 index stood at 51,231.35, having gained 86.95 points, or 0.17 percent. Meanwhile, the Nifty Smallcap 100 index was at 15,951.15, up by 93.10 points, or 0.59 percent.
Experts suggest that after this flat opening, the Nifty could find support at 23,100, followed by 23,000 and 22,900.
“On the upside, immediate resistance may be found at 23,250, followed by levels at 23,350 and 23,400,” stated Hardik Matalia from Choice Broking.
Indian equities reached their highest point in over a month on Thursday, driven by the US Federal Reserve's indication of potential interest rate cuts later this year.
“The Nifty closed above its 50-day EMA for the first time since February 5, 2025. Following a robust rally of 1,200 points from recent lows, short-term traders should reevaluate their bullish positions as the market approaches a strong resistance zone between 23,200-23,400 levels. Support for the Nifty has now moved higher to the range of 22,950-23,000,” remarked Devarsh Vakil, Head of Prime Research at HDFC Securities.
Within the Sensex pack, Infosys, TCS, HCL Tech, Tech Mahindra, Zomato, Titan, IndusInd Bank, L&T, Asian Paints, ICICI Bank, and Axis Bank were the principal losers. In contrast, Bajaj Finance, Nestle India, Sun Pharma, Maruti Suzuki, Bajaj Finserv, and Adani Ports emerged as the top gainers.
In the previous trading session, the Dow Jones in the US fell by 0.03 percent to close at 41,953.32. The S&P 500 dropped 0.22 percent to 5,662.89, while the Nasdaq decreased by 0.33 percent to finish at 17,691.63.
In Asian markets, Hong Kong, Jakarta, and China were trading in the red, whereas Japan, Seoul, and Bangkok were in the green.
Foreign institutional investors (FIIs) purchased equities worth Rs 3,239.14 crore on March 20. Conversely, after being net sellers for the last 29 sessions, domestic institutional investors (DIIs) sold equities amounting to Rs 3,136.02 crore on the same day.
