Stock Market Technical Analysis | 23 to 27 Mar 2026 Weekly Wrap

Nifty fell 1.28% to 22820 amid rising VIX (+17.49%) and FII selling of ₹24,596 Cr. Bank Nifty underperformed (-2.16%). IT sector showed strength while Defence lagged. Derivatives indicate resistance near 23000–24000 with PCR at 0.94, suggesting cautious and range-bound outlook.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded volatile in the previous week before closing with 1.28% cut at 22820 level. Banking Index underperformed the benchmark index as it closed with 2.16% cut at 52275 level.
• Among the Nifty constituents, ONGC and LT outperformed the benchmark index as they closed with 6.24% and 3.76% gains while ADANIENT and BEL underperformed as they closed with 5.40% and 5.01% cut respectively. Among
  the Bank Nifty constituents FEDERALBNK outperformed the benchmark index as it closed with 0.82% gain while BANKBARODA underperformed the benchmark index as it closed with 7.02% cut.
• Among sectors, NIFTYIT index outperformed the benchmark index during the previous week as it closed with 1.17% gain while NIFTYDEFENCE index underperformed as it closed with 4.05% cut. MIDCAP index performed in line the benchmark index as it closed with 1.38% cut while SMALLCAP index performed better than the benchmark index as it closed with 0.63% cut.
• Volatility index (India VIX) closed with 17.49% gain at 26.8 level.
• FII were net sellers as they sold stocks worth Rs 24,596 Cr while DII were net buyers as they bought stocks worth Rs 26,897 Cr during the previous week in the cash segment.
• Globally, equity markets traded mixed as US market (DJIA) closed with 0.90% cut while European market (STOXX 600) closed with 0.36% gain.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 23000 call and 21800 put with max OI at 24000 call and 20000 put side (30th Mar expiry). Nifty cumulative PCR closed at 0.94 for Mar 27.
• Derivatives data for Bank-nifty suggest max OI addition at 53000 call and 49000 put with max OI at 61000 call and 49000 put side (30th Mar expiry). Bank-nifty cumulative PCR closed at 0.83 for Mar 27.

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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 22,000–21,700 level and resistance at 23,500–23,800 level

BANKNIFTY (WEEKLY)

• Banking index underperformed the benchmark and closed with indecisive 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 50,300-49,500 and resistance at 54,000 -54,500 level

FINNIFTY (WEEKLY)

• FINNIFTY index performed better than the banking index and closed with indecisive 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 23,500-23,200 level and resistance at 25,200-25,400 level.

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Market FAQs – Weekly Summary

1. Why did Nifty decline this week?

Heavy FII selling, rising volatility, and mixed global cues led to the market decline.

2. What are key levels for Nifty?

Resistance is at 23000–24000, while support lies near 21800–20000.

3. Which sector performed best?

The IT sector outperformed the broader market during the week.

4. What does rising VIX indicate?

Higher VIX signals increased uncertainty and expected volatility in markets.

5. What is the current market outlook?

The market remains range-bound with a cautious bias due to persistent selling pressure.

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