Stock Market Technical Analysis | 16 to 20 Mar 2026 Weekly Wrap

Markets stayed range-bound with mild downside pressure as FIIs continued selling. Derivative setup signals a cautious but stabilizing trend.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded volatile in the previous week before closing with 0.16% cut at 23115 level. Banking Index underperformed the benchmark index as it closed with 0.62% cut at 53427 level.
• Among the Nifty constituents, ETERNAL and TATASTEEL outperformed the benchmark index as they closed with 7.70% and 7.23% gains while
  SHRIRAMFIN and HDFCBANK underperformed as they closed with 6.48% and 4.47% cut respectively. Among the Bank Nifty constituents UNIONBANK outperformed the benchmark index as it closed with 2.16% gain while HDFCBANK underperformed the benchmark index as it closed with 4.47% cut.
• Among sectors, NIFTYAUTO index outperformed the benchmark index during the previous week as it closed with 2.15% gain while NIFTYDEFENCE index underperformed as it closed with 2.41% cut. MIDCAP index outperformed the benchmark index as it closed with 0.17% gain while SMALLCAP index underperformed the benchmark index as it closed with 1.11% cut.
• Volatility index (India VIX) closed with 0.71% gain at 22.81 level.
• FII were net sellers as they sold stocks worth Rs 29,898 Cr while DII were net buyers as they bought stocks worth Rs 30,642 Cr during the previous week in the cash segment.
• Globally, equity markets traded with negative bias as both US market (DJIA) and European market (STOXX 600) closed with 2.11% and 3.80% cut respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 24000 call and 22000 put
  with max OI at 25000 call and 21000 put side (24th Mar expiry). Nifty
  cumulative PCR closed at 0.93 for Mar 20.
  ▪ Derivatives data for Bank-nifty suggest max OI addition at 57000 call and
  54000 put with max OI at 59000 for both side call and put side (30th Mar
  expiry). Bank-nifty cumulative PCR closed at 0.80 for Mar 20.

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Performance:

Indices

Source: NSE

Sector Gainers/Losers

Source: NSE

FII / DII ACTIVITY (WEEKLY)

Source: NSE

SUPPORT/RESISTANCE LEVEL FOR UPCOMING WEEK

Source: NSE

DAILY EXPONENTIAL MOVING AVERAGE

Source: NSE

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

• Benchmark index traded volatile in the previous week and closed with indecisive candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile in the coming week
• Benchmark Index has support at 22,500– 22,200 level and resistance at 23,600–23,800 level

BANKNIFTY (WEEKLY)

• Banking index underperformed the benchmark and closed with bearish candlestick formation on the weekly chart
• Banking index is likely to trade in line with the Benchmark index in the coming week
• Banking index has support at 51,700-51,200 and resistance at 54,700-55,200 level

FINNIFTY (WEEKLY)

• FINNIFTY index underperformed the banking index and closed with bearish candlestick formation on the weekly chart
• FINNIFTY is likely to trade in line with the banking index in the coming week
• FINNIFTY has support at 24,000-23,800 level and resistance at 25,300-25,500 level.

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Market FAQs – Weekly Summary

1. Why did Nifty fall sharply this week?

The decline was driven by heavy FII selling, weak global cues, and rising volatility indicated by higher India VIX.

2. What are key levels to watch for Nifty?

Immediate resistance is near 25000, while support is seen around 22000–21500 based on derivatives data.

3. Which sectors showed strength?

Pharma sector outperformed the broader market, showing relative resilience.

4. Is this a good time to invest?

Markets remain volatile; investors should wait for stability and confirmation before fresh entries.

5. What does PCR indicate currently?

PCR at 0.75 suggests cautious sentiment with bearish bias in the market.

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