Nifty & Bank Nifty Technical Analysis – 23 March 2026 | PL Capital Daily Technical Newsletter

#### Market Snapshot — 23 March 2026

• Sensex: 72,696.39 (down 1,836.57 points | -2.46%)
• Nifty 50: 22,512.65 (down 601.85 points | -2.60%)
• Bank Nifty: 51,437.75 (down 1,989.30 points | -3.72%)

--- #### Market Preview Nifty crashed further, hitting a new low at the 22,470 zone with market sentiment deteriorating sharply. The market breadth was extremely weak, with the advance-decline ratio at 1:7 at close. Bank Nifty lost control, breaching the important support zone of 53,200 with a cautious bias being maintained. --- #### Market Forecast — Nifty

• Daily Range: 22,300 – 23,000
• Crucial Support: 22,000
• Initial Hurdle: 23,400
• Conviction Level: Close above 23,800 needed for positive bias
• Pattern: Series of lower tops on the daily chart indicates continued bearish momentum

--- #### Market Forecast — Bank Nifty

• Daily Range: 50,700 – 52,500
• Next Support Levels: 49,000 and 47,700
• Initial Hurdle: 53,500
• Conviction Level: Decisive close above 55,500 needed for upward stability

--- #### Nifty Support & Resistance Levels

• Daily: Support at 22,372 / 22,231 | Resistance at 22,752 / 22,992 | Pivot: 22,612
• Weekly: Support at 22,742 / 22,370 | Resistance at 23,674 / 24,234 | Pivot: 23,302
• Monthly: Support at 24,387 / 23,594 | Resistance at 26,156 / 27,133 | Pivot: 25,364

--- #### Bank Nifty Support & Resistance Levels

• Daily: Support at 50,952 / 50,467 | Resistance at 52,294 / 53,151 | Pivot: 51,809
• Weekly: Support at 52,594 / 51,760 | Resistance at 54,907 / 56,387 | Pivot: 54,074
• Monthly: Support at 58,287 / 56,044 | Resistance at 62,268 / 64,007 | Pivot: 60,026

--- #### Sensex Support & Resistance Levels

• Daily: Support at 72,259 / 71,822 | Resistance at 73,433 / 74,170 | Pivot: 72,996
• Weekly: Support at 73,322 / 72,111 | Resistance at 76,372 / 78,211 | Pivot: 75,161
• Monthly: Support at 78,834 / 76,380 | Resistance at 84,806 / 88,325 | Pivot: 82,353

--- #### Top Gainers — Nifty 500 (23 March 2026)

• Trident: ₹25.05 (+3.30%) — Volume: 4.63 Cr
• Metropolis Healthcare: ₹450.20 (+2.06%)
• Gujarat Fluorochemicals: ₹3,248.20 (+2.02%)
• HCL Technologies: ₹1,358.60 (+1.87%)
• Power Grid Corporation: ₹302.10 (+1.51%) — Volume: 2.38 Cr
• Apar Industries: ₹9,805.00 (+1.36%)
• Vardhman Textiles: ₹538.80 (+1.11%)

--- #### Top Losers — Nifty 500 (23 March 2026)

• Brainbees Solutions: ₹220.97 (-11.92%) — Volume: 2.95 Cr
• AWL Agri: ₹175.36 (-8.71%)
• Finolex Cables: ₹808.60 (-7.92%)
• BLS International: ₹221.75 (-7.83%)
• BEML: ₹1,399.10 (-7.63%)
• Bharat Dynamics: ₹1,158.50 (-7.31%)
• Bombay Burmah: ₹1,396.50 (-7.18%)

--- #### Market Breadth — Smallcap & Midcap Stocks On 23 March 2026, the Nifty Smallcap 250 index saw 135 advances, 226 declines, and 24 stocks unchanged — a clear sign of broad-based selling pressure. The Nifty Midcap 100 index was even weaker with only 12 advances against 88 declines. --- #### 200 DMA Breakouts (Crossed Above) — 23 March 2026

• Entero Health: ₹1,161.30 (+2.65%) — 200 DMA at 1,131.37
• Tarmat: ₹54.12 (+0.58%) — 200 DMA at 53.81
• Setco Auto: ₹16.39 (+0.37%) — 200 DMA at 16.33
• Archean Chemical: ₹612.15 (+0.20%) — 200 DMA at 610.92

--- #### 200 DMA Breakdowns (Crossed Below) — 23 March 2026

• Gulshan Polyols: ₹141.88 (-8.51%)
• Nippon Life India (Hang Seng): ₹450.80 (-7.37%)
• ICE Make Refrigeration: ₹707.40 (-6.93%)
• NR Agarwal: ₹388.95 (-6.77%)
• Shree Rama Newsprint: ₹30.01 (-6.39%)
• Hatsun Agro: ₹890.15 (-6.23%)
• Pearl Global Industries: ₹1,385.40 (-6.10%)
• Bharat Seats: ₹148.32 (-6.00%)
• Avalon Technologies: ₹885.20 (-5.92%)
• Hindustan Zinc: ₹487.65 (-4.87%)

And more — including VST Tillers, Cineline India, AB Capital, Esab India, Signpost India, Prime Securities, Sat Kartar Shopping, and South Indian Bank. --- #### Sectoral Performance — 23 March 2026 All sectoral indices closed in the red except IT, which ended marginally flat. The worst-hit sectors included Realty, Metals, PSU Banks, Media, Financial Services, and Private Banks — each declining between 3% to 5.5%. Auto, Energy, Oil & Gas, Infrastructure, and FMCG also saw notable selling pressure with losses ranging from 1.5% to 3%. --- #### Technical Indicators

• Nifty RSI (Daily): 27.17 / 30.75 — deep in oversold territory
• Bank Nifty RSI (Daily): 33.51 / 28.43 — approaching oversold levels

Both indices show RSI readings in oversold zones, which historically can signal potential short-term bounce opportunities, though the prevailing trend remains bearish.