Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, began trading higher on Friday, March 20, following their largest decline in almost two years during the previous session, as oil prices softened, providing some relief to global markets amid the ongoing conflict in the Middle East.
As of 9:46 IST, the Nifty 50 increased by 0.98% to reach 23,240.10, while the BSE Sensex rose 0.95% to 74,915.30. In the prior session, both benchmarks experienced a drop of 3.3%, marking their most significant decline since June 2024, with major losses led by HDFC Bank after the sudden resignation of its part-time chairman.
The rupee fell to an all-time low compared to the US dollar. Brent crude prices eased to $107 per barrel, following a previous rise to $119.13 a barrel due to assaults on energy infrastructure in the Middle East.
This decline follows an announcement from major European countries and Japan about their willingness to collaborate on ensuring safe transit for vessels through the Strait of Hormuz, while the US laid out plans to increase oil supply.
Share Market Tips and Nifty 50 Outlook by Rajesh Palviya, SVP – Technical and Derivatives Research, Axis Securities
Nifty 50
On the daily and weekly time frames, the benchmark index is trending negatively, forming a series of lower tops and bottoms indicating negative bias. Currently, prices are sustaining below their 20, 50, 100, and 200-day SMAs, which reconfirms the downtrend. From current levels, the index is likely to revisit the downside support zone of 22,500–22,000. On the upside, the crucial resistance zone is around the 23,500–23,800 levels. The daily and weekly strength indicator, RSI, is in negative territory, supporting a bearish bias.
ACME Solar Holdings Ltd
ACME Solar Holdings decisively broke out above the multiple resistance zone around 240, followed by a successful retest and strong rebound, signalling the onset of an uptrend. The move is further reinforced by the stock reclaiming its 200-day SMA, highlighting a shift in the broader trend.
The breakout is supported by a notable surge in volumes, indicating strong market participation and conviction. Additionally, a close above the daily upper Bollinger Band has triggered a fresh buy signal, reflecting expanding momentum. Momentum indicators remain firmly supportive; the RSI across daily, weekly, and monthly time frames is in positive territory, underscoring strengthening price action and sustained bullish momentum.
Investors should consider buying, holding, and accumulating this stock. Its expected upside is 290-310, and its downside support zone is the 255-240 levels.
Shriram Finance Ltd
Shriram Finance has formed a lower high–lower low structure since the end of February 2026, indicating a clear deterioration in trend. It broke below the upward-sloping trendline (since 9th March) with a strong bearish candle, confirming the downtrend’s continuation. The price also closed below the lower Bollinger Band, generating a fresh sell signal and reflecting accelerating downside momentum. The decline is accompanied by a surge in volume, highlighting increased selling pressure and distribution.
Momentum indicators further validate the weakness: the RSI across daily, weekly, and monthly time frames is in negative territory, signalling a broad-based decline in strength and reinforcing the bearish outlook.
Investors should consider selling this stock. Its expected downside is 900-870, and its resistance zone is the 1000-1040 levels.
Hindalco Industries Ltd
With the current price close, the Hindalco Industries has violated the past couple of months’ up-sloping trendline support at 911 levels on a closing basis, along with huge volumes. This signals a short-term trend reversal to the downside. The stock is sustaining below the 20- and 50-day SMAs, which reconfirms the bearish bias. The daily and weekly strength indicator RSI is in negative territory, which supports a bearish bias.
Traders should consider this an exit or selling opportunity with expected downside between 870–850 and upside resistance at the 920–940 levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
