Stock market today: The main domestic stock indices, Nifty 50 and Sensex, experienced gains on Monday, March 16, recovering after enduring their most challenging week in years, although investors remained cautious about crude oil prices staying above $100 a barrel due to the ongoing conflict in the Middle East.
As of 12:41 IST, the Nifty 50 increased by 13.75 points to reach 23,161 . 35, while the BSE Sensex climbed by 85.98 points to 74,652.58. These benchmark indexes have lost almost 8% this month as a result of the US-Israeli conflict regarding Iran, which resulted in the closure of the Strait of Hormuz—an essential route for global oil and gas transport.
Brent crude priced itself around $104 a barrel, while US President Donald Trump called upon other nations to assist in ensuring the security of the Strait of Hormuz.
Rising oil prices have adverse effects on India, the third-largest crude oil importer globally, as they may increase the fiscal deficit, drive inflation, and hinder economic growth. Analysts pointed out that ongoing geopolitical conflicts and continuous outflows of foreign investment are negatively affecting investor confidence.
Market Views – Vinay Rajani, Senior Technical and Derivative Analyst, HDFC Securities
Nifty 50 Outlook
Nifty 50 has been in continuation of a down trend. Momentum and intensity of price fall in the stocks and index has been rising for last couple of weeks. Nifty 50 has witnessed a correction of almost 13% from its all-time high of 26,373, registered in January 2026. Nifty 50 is now placed below all key moving averages, which indicates down trend on all time frames.
Recently, Nifty 50 also breached crucial long-term support of its 100-week EMA (24,016), which acted as a major support and reversal level during major correction of April 2025 and June 2022. This development is an alarming signal for the index, which raises the probability of breaching the swing low support of 21,743 registered in April 2025.
On the pullbacks, Nifty 50 could find resistance in the band of 23,500-23,700. On the monthly and quarterly charts, bearish triple top pattern in the band of 26,300-26,400 can be observed, which could turn out to be the top for the medium term in the index. Traders are advised to stay cautious. Pullbacks in index can be utilized to lighten long commitments.
2 stocks to sell in the near-term
Sell Heromotocorp March Futures ₹5,180| Target ₹4,800 | Stop-loss ₹5,350
Stock price has formed bearish head and shoulder pattern on the weekly charts. Stock price has breached crucial long term supports of 50 and 200 DEMAs. Lower tops and lower bottoms on the daily chart can be observed.
Sell Oberoi Realty March Futures ₹1,401| Target ₹1,300 | Stop-loss ₹1,475
Stock price has breached crucial support of its previous swing low of ₹1,425. Indicators and oscillators have turned bearish on weekly and monthly charts. Lower tops and lower bottoms on the weekly chart can be observed. Realty index has underperformed and has been in to clear down trend for last couple of months.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
