Indian stock market: The Indian stock market witnessed sharp declines on Friday, March 27, with benchmark indices — the BSE Sensex and the Nifty 50 — dropping over 2% each.

The Sensex tumbled 1,690 points, or 2.25%, to close at 73,583, while the Nifty 50 ended at 22,819.60, down 487 points, or 2.09%. Broader markets also remained under pressure, with the BSE 150 Midcap index declining 2.18% and the BSE 250 Smallcap index falling 1.82%.

Stock market next week

Nifty 50

On Friday, the Nifty 50 opened on a negative note with a gap-down of 132.90 points at 23,173.55. The index recorded its intraday high near the opening level at 23,186.10, indicating immediate selling pressure. Throughout the session, the market remained under pressure, registering a low of 22,804.55 and eventually closing at 22,819.60. This marked a sharp decline of 486.85 points, or 2.09%, reflecting weak market sentiment and sustained selling activity.

According to Sumeet Bagadia, Executive Director at Choice Broking, the 22,650–22,700 zone is expected to act as a crucial support area for the index. On the upside, immediate resistance is placed in the 22,950–23,000 range.

“The momentum indicator RSI is currently at 35.76. Although early signs of recovery are visible, the RSI remains below the midpoint level of 50, indicating that momentum continues to be weak. A sustained move above 50 would be required to confirm any strengthening in bullish momentum,” Bagadia said.

Bagadia further recommended traders to remain cautious and trade within the defined support and resistance levels. It is prudent to wait for a decisive breakout in either direction before initiating fresh directional positions, he noted.

Bank Nifty

The Bank Nifty index opened lower with a gap-down of 463.85 points at 53,244.25. The intraday high remained close to the opening level at 53,292.50, reflecting early selling pressure. The index continued to witness heavy selling throughout the session, touching a low of 52,211.20 and closing at 52,274.60. This resulted in a decline of 1,433.50 points, or 2.67%, indicating broad-based weakness in the banking sector.

“From a technical standpoint, the index is expected to find support in the 51,900–52,000 range, while resistance is seen in the 52,500–52,600 zone. The RSI currently stands at 33.43, showing initial signs of recovery; however, it remains below the key 50 level, suggesting that momentum is still weak. A sustained move above this level would be necessary to confirm any improvement in trend strength,” Bagadia added.

He further suggested traders to remain cautious around these key levels and wait for a clear and decisive breakout on either side before taking fresh directional positions.

Stocks to buy

Sumeet Bagadia has recommended three stocks to buy on Monday, March 30. The three stock picks by Bagadia are – Ola Electric Mobility, Sagility, and Dwarikesh Sugar Industries.

1] Ola Electric Mobility: Buy at ₹24.27 | Target Price: ₹25.9 | Stop Loss: ₹23.42

2] Sagility: Buy at ₹41.75 | Target Price: ₹43.24 | Stop Loss: ₹40.60

3] Dwarikesh Sugar Industries: Buy at ₹42.05 | Target Price: ₹45 | Stop Loss: ₹40.70

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.