Sensex up by 939 points
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, March 16, 2026:Today, the benchmark indices experienced a pullback rally. The Nifty ended 258 points higher, while the Sensex was up by 939 points. Among sectors, Auto and Financial indices rallied over 1 percent, whereas Oil & Gas and Realty indices lost the most, shedding over 1.5 percent.
Technically, after an intraday correction, the market took support near 22,950/74000 and bounced back sharply from the day's lowest level, rallying over 500 /1800 points. A reversal formation on intraday charts and a bullish candle on daily charts indicate that a pullback move is likely to continue in the near future.
For day traders, 23,300/75200 and 23,200/75000 would act as key support zones. As long as the market is trading above these levels, the pullback formation is likely to continue. On the higher side, 23,650/76000 and 23,800/76500 would serve as key resistance areas for the bulls. Conversely, below 23,200/75000, the uptrend would become vulnerable. If that level is breached, the market could retest the levels of 23,000–22,950/74300-74000.
The current market texture is volatile; hence, level-based trading would be the ideal strategy for day traders.
