Indian equities outlook today as Bank Nifty remains weak and Nifty tests support

Indian equities opened lower on March 23 after weak global cues. GIFT Nifty futures for March delivery traded at 22,850 at 7:30 AM. That level signalled a gap-down start for the Nifty. The Sensex fell 1,520.65 points, or 2.04 per cent, to 73,012.31. The Nifty also slipped below 23,000.

Early-week gains did not hold through the week’s second half. The Nifty ended the week down 0.16% overall. Markets remained sensitive to West Asia risks, as the war continued. The conflict entered its fourth week, keeping risk appetite weak. Selling pressure also resurfaced at higher price levels.

"The widening of the lower bollinger band, following wild moves last week, forces us to bring 22000 back into the picture. The first leg of this down move would aim for 22560, before any consolidation emerges. Alternatively, reversal attempts will require a direct rise above 23179, to attract upside momentum," commented Anand James, Chief Market Strategist, Geojit Investments Limited.

Amid the same cautious tone, Anand James suggested two stock ideas for a five-day holding period. The approach assumed continued volatility and weaker global sentiment. The recommendations also reflected ongoing supply at higher levels. Key trade levels included defined entry ranges, targets, and stoploss points for risk control.

Stock	Entry range	Target	Stoploss	Chart view
Coal India	468 - 461	470 - 484	454	Trendline break
Hindustan Zinc	515 - 505	522 - 535	496	Inverted hammer

Bank Nifty outlook today as Nifty Bank stays weak

"On the daily chart, the index is holding close to the lower band of its recent range, reflecting sustained pressure following the sharp fall seen earlier. The recovery lacks strength and remains positioned below key moving averages, keeping the broader direction tilted on the downside. The RSI is placed near 29, staying close to oversold levels," commented Om Mehra, Technical Research Analyst, SAMCO Securities. "On the weekly timeframe, Nifty Bank declined 0.62% and formed a gravestone doji, indicating rejection from higher levels. This also marks the fourth consecutive weekly decline, highlighting the prevailing weakness in the broader trend. Going ahead, the 54,200-54,400 zone is likely to act as an immediate hurdle. A sustained move above this range will be required to stabilise the near-term outlook; otherwise, the index recovery may be short-lived," he further stated.

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