India Equities Rebound: Nifty and Sensex Rally Amid Short-Term Relief Signals

Indian equities opened firmer on Tuesday, March 17, after a strong rebound in the prior session. In pre-opening trade, the Sensex rose by over 300 points. The Nifty also moved above 23,450. The earlier recovery helped end the market’s ongoing losing streak and improved near-term sentiment.

In the previous session, the BSE Sensex jumped about 900 points to close near 75,500. The Nifty 50 ended around 23,400, gaining over 250 points. Risk measures eased as well. The India VIX fell more than 3% to 21.02, pointing to lower expected volatility.

"On the daily chart, Nifty has witnessed a recovery after the recent sharp decline, though the broader trend remains under pressure. The RSI is placed near 29, indicating that the index continues to trade in an oversold zone, while the DMI setup shows the negative directional line remaining above the positive line, reflecting that the broader weakness has not yet faded. On the hourly chart, a bullish divergence is visible, suggesting the possibility of a short-term rebound," said Om Mehra, Technical Research Analyst, SAMCO Securities.

"However, sustaining above the 23,200 level will be important to maintain the recovery. Failure to hold this level may again invite selling pressure in the near term. The 23,700 level remains an important resistance, and a sustained move above this zone will be required for a stronger recovery. Until then, the current move appears to be a short-term relief rally rather than a trend reversal," Om Mehra added.

"On the daily chart, Nifty Bank briefly slipped below the 53,483 swing low recorded on 9 May 2025, indicating a continuation of the prevailing weakness. However, the index managed to recover during the session and formed a piercing candlestick pattern, suggesting a short-term pullback from deeply oversold levels. The RSI has slipped near the 28 level, indicating that the index is trading in an oversold zone," Om Mehra commented.

"Meanwhile, the DMI setup shows the negative direction, highlighting that the broader trend still remains under pressure. The 53,400-53,500 zone now emerges as an important cushion in the near term. As long as the index holds above this zone, some stabilisation or a short-term recovery may continue. On the upside, the 55,000-55,500 zone is likely to act as a resistance area," the analyst further added.

Stocks To Buy Today: five-day trade ideas

Anand James, Chief Market Strategist at Geojit Investments Limited, suggested two stock ideas. The calls were shared with a five-day holding period. The note came amid the ongoing trend of the war. The recommendations include entry guidance, targets, stoploss levels, and a range-breakout view.

Stock	Entry range	Target	Stoploss	Setup
Aeroflex Industries	—	254 - 260	240	Range breakout
Adani Power	154-151	158 - 165	147	Range breakout

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