Nifty Prediction Tomorrow: 24000 Next For Benchmark Index? See Technical Analysis

Nifty Prediction Tomorrow: The Indian equity markets showed resilience during the expiry session, as the Nifty50 index rebounded from early weakness to close with gains of approximately 105 points, ending near the 23,600 zone. 

Despite a lacklustre start, the benchmark found buying support around the 23,400–23,420 range, coinciding with the gap area and the 40-hour moving average, signalling a promising technical outlook.

Nifty Today on March 27th

The NSE Nifty rose by 105.10 points, or 0.45%, to settle at 23,591.95. The Nifty Bank index, which follows the movements of the country's top 12 listed banks, closed 366.85 points, or 0.72 per cent higher, at 51,575.85.

Sectoral indicators showed an upward trend, with only three out of 19 ending in the red.  Nifty Realty is up 1.35 per cent.  The metal index closed 0.68 per cent higher, the PSU Bank index rose 2.50 per cent, and the IT index concluded 0.57 per cent higher.

Auto dipped by 1.04 per cent, while pharmaceuticals fell by 0.40 per cent.

Consolidation and Key Levels

Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan, observed that the Nifty is likely to consolidate with a positive bias in the near term. According to him, “On the upside, 23750 – 23780 shall be acting as an immediate hurdle while 23420 – 23400 shall act as a crucial support from a short-term perspective. Stock-specific action is likely during this consolidation phase,” he suggested opportunities for selective investments.

Technical Indicators Support Stability,

Providing further insights, Osho Krishan of Angel One emphasized the importance of maintaining stability above the 89-day exponential moving average (DEMA).

“The level of 23700-23800 has proven to be a significant obstacle, and overcoming this barrier would likely initiate a fresh wave of momentum. This breakthrough could enable the price to reclaim the 24000 mark, with the potential to move even higher toward the 200 DSMA, which is situated around the 24080 zone. Conversely, the 89 DEMA, which aligns with a bullish gap of 23400, represents critical support for the price action,” he said.

“This support level is expected to mitigate any downward pressure and provide a buffer against potential declines in the near future. Thus, maintaining above this support is essential for sustaining an upward trend and limiting significant pullbacks. Traders and investors should closely monitor these levels for indications of future price movement," he stated. 

Outlook Amid Mixed Sentiments

The session also marked the penultimate trading day of the financial year, coupled with an extended weekend ahead, likely contributing to subdued market activity unless external developments arise.

Krishan highlighted the ongoing global uncertainties, including tariffs, as factors that could shape the market's intermediate outlook. 

“As we approach the final session of the current financial year, combined with the upcoming extended weekend, the market is expected to remain subdued unless there are notable changes on the global front. Additionally, it is wise to stay informed about the uncertainties surrounding tariffs, as these factors are likely to influence the market's intermediate outlook," Krishan concluded.

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