After a roller-coaster activity, the Nifty ended 1.28 percent lower, while the Sensex was down by 950 points.
Amol Athawale,
VP Technical Research,
Kotak Securities
Mumbai, March 28, 2026: In the last week, the benchmark indices witnessed volatile momentum. After a roller-coaster activity, the Nifty ended 1.28 percent lower, while the Sensex was down by 950 points. Among sectors, Defence and PSU Bank indices lost the most: Defence declined by 4 percent, PSU Bank fell by 3.8 percent, whereas despite the weak market conditions, the IT index gained 1percent. During the week, after a sharp decline, the market found support near 22,500/72700 and bounced back sharply. However, due to profit booking at higher levels on last Friday, it corrected sharply again. Technically, on daily charts, the market is still forming lower highs and is currently trading well below short-term averages, which is largely negative. We are of the view that the short-term market texture is extremely volatile and is likely to remain so in the near future.
For traders, 23,000/74500 would act as an immediate resistance zone. As long as the market remains below this level, weak sentiment is likely to continue. On the downside, the market could retest levels of 22,600-22,500/73300-73000. Further downside may also continue, potentially dragging the market to 22,200/72100. Conversely, above 23,000/74500, a pullback could continue up to 23,400-23,500/75700-76000.
For Bank Nifty, below 53,000, weak sentiment is likely to persist. On the downside, 51,500-51,000 would be immediate support zones, while above 53,000, it could bounce back up to 54,000-54,500.
