Mumbai, March 17, 2026: Indian benchmark indices rebounded on Monday, 16 March, ending a three-day losing streak as investors engaged in value buying at lower levels while still monitoring the ongoing geopolitical tensions involving the US and Iran.

Benchmark Index Performance

• BSE Sensex
  ➜ Rose 938.93 points (1.26%)
  ➜ Closed at 75,502.85

• NSE Nifty 50
  ➜ Gained 257.70 points (1.11%)
  ➜ Settled at 23,408.80

Currency Market

The Indian Rupee ended slightly stronger at 92.42 per US dollar, compared with 92.45 in the previous session.

Sector Performance

Gaining Sectors

• Auto
• Banking
• FMCG
• Metals

These sectors gained roughly 0.3% to 1%.

Losing Sectors

• Media
• Oil & Gas
• Pharma
• Realty
• Capital Goods

These sectors declined between 0.5% and 2.7%.

Broader Market Performance

Broader indices underperformed benchmark indices:

• Nifty Midcap 100
  ➜ Fell 0.3%

• Nifty Smallcap 100
  ➜ Declined 0.5%

Nifty Technical Outlook

The Nifty 50 formed a bullish candle with shadows on both sides, indicating a pullback from oversold territory after testing the psychological level of 23,000 earlier in the session.

Key Factors Affecting the Market

• Rising crude oil prices
• Global uncertainty
• Increasing geopolitical tensions

These factors could keep volatility high in the near term.

Important Levels

Resistance:

• 23,700 – 23,800

  • Last week’s breakdown zone

  • 8-day EMA

Support:

• 22,700 – 22,400

  • Previous gap area

  • 78.6% Fibonacci retracement

The index needs to form consistent higher highs and higher lows to confirm a pause in the ongoing downtrend.

Bank Nifty Technical Outlook

The Nifty Bank also formed a bullish candle, signaling a bounce from oversold levels after testing the September 2025 lows.

Downside Risk

If the index falls below 53,250, it could decline towards:

• 52,500 – 51,800

This zone corresponds to:

• 61.8% Fibonacci retracement

• Support from the April 2025 breakout candle

Consolidation Range

If the index holds above 53,250, it may consolidate between:

• 53,250 – 55,800

Like the Nifty, the Bank Nifty must form higher highs and higher lows to confirm a trend reversal or pause in the downtrend.