Indian stock market: The Indian stock market closed the week largely on a flat note with a slight negative bias, indicating underlying caution among participants.

Sentiment remained positive in the first three sessions, but a sharp drop on Thursday wiped out earlier gains, followed by a volatile final trading day. As a result, the Nifty 50 fell 0.16% to end at 23,114.50, while the BSE Sensex slipped 0.04% to close at 74,532.96.

Stock market next week

Nifty 50

According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 exhibited notable volatility throughout the trading session, indicating uncertain market sentiment and active participation from both buyers and sellers.

The index opened with a strong gap-up of 114 points and extended its upward momentum to touch an intraday high of 23,345.15, reflecting initial bullish strength and buying interest. However, in the latter half of the session, the index witnessed a correction, slipping to an intraday low of 23,067.60 before settling at 23,114.5. Despite the pullback, it managed to close with a gain of 112.35 points (0.49%). This overall price action suggests profit booking at higher levels and a lack of sustained bullish momentum.

“From a technical perspective, the 23,250–23,300 zone is now acting as immediate resistance, while a solid support base is forming in the 22,950–23,000 range. The daily RSI stands at 31.84, indicating near-oversold conditions, which may hint at a potential short-term bounce but still reflects underlying weakness. In the derivatives segment, strong put writing at 23,000 and significant call writing at 23,300 suggest that the index is likely to remain range-bound between these levels in the near term. Traders are therefore advised to maintain a cautious approach,” Bagadia said.

Bank Nifty

Meanwhile, the Bank Nifty index witnessed early buying interest and moved higher to touch an intraday high of 54,382.45, indicating initial bullish momentum and strength in banking stocks.

However, the index failed to sustain at elevated levels and faced selling pressure, slipping to an intraday low of 53,297.55. It eventually closed at 53,427.05, registering a marginal loss of 23.95 points. This price action suggests profit booking at higher levels and continued weakness with a lack of strong follow-through buying, Bagadia said.

“From a technical standpoint, the 53,700–53,800 zone is now acting as immediate resistance, while the 53,000–53,100 range remains a crucial support base for the index. The daily Relative Strength Index (RSI) stands at 28.71, indicating oversold conditions, which may lead to a short-term pullback but still reflects underlying bearish sentiment. Traders are advised to remain cautious near support levels and avoid aggressive positioning until the index delivers a decisive breakout above the resistance zone,” Bagadia added.

Stocks to buy

Sumeet Bagadia has recommended three stocks to buy on Monday, March 23. The three stock picks by Bagadia are – Inox Wind, Bank of Maharashtra, and NMDC.

1) Inox Wind: Buy at ₹81.84 | Target Price: ₹91.71 | Stop Loss: ₹78.95

2) Bank of Maharashtra: Buy at ₹65.49 | Target Price: ₹72 | Stop Loss: ₹62.98

3) NMDC: Buy at ₹79.78 | Target Price: ₹84.5 | Stop Loss: ₹77.51

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.