Markets Post Best Weekly Gains in 4 Years; Nifty Crosses 23,400 Amid Broad-Based Rally

Sensex and Nifty gain over 4% each for the week as bulls dominate Dalal Street; analysts see more upside if Nifty sustains above 23,400

March 22, 2025: Mumbai – Indian stock markets wrapped up the week with a bang as benchmark indices posted their best weekly gains in four years, driven by strong buying across sectors and sustained optimism on domestic fundamentals.

On Friday, March 21, the Sensex closed 557 points higher at 76,905.51 (+0.73%), while the Nifty 50 ended at 23,350.40, up 159 points (+0.69%). During intraday trade, Nifty also crossed the key 23,400 mark, underscoring bullish momentum.

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For the week, both the Sensex and Nifty surged over 4%, supported by a rally in energy, financials, and telecom stocks.

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📈 Key Market Highlights:

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• Top Nifty Gainers: SBI Life (+3.21%), BPCL, ONGC, NTPC, Bajaj Finance
• Top Losers: Hindalco (-1.5%), Wipro, Trent, Infosys, Tata Steel
• Sectoral Performance:
  • Best: Nifty Energy (+1.44%)
  • Worst: Nifty Metal (-0.55%)
• Broader Markets:
  • Nifty Midcap 100: +1.38%
  • Nifty Smallcap 100: +2.06%
• Over 70 stocks hit new 52-week highs on the BSE, including Kotak Mahindra Bank, Shree Cements, Manappuram Finance, and SRF.

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🛠️ Technical Outlook:

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Hrishikesh Yedve, AVP at Asit C. Mehta, said Nifty formed bullish candles on daily and weekly charts, indicating strong momentum. He noted:

“As long as Nifty stays above 23,000, traders should follow a ‘buy-on-dips’ strategy. The next key resistance lies at 23,520, aligned with the 100-day SMA.”

Bank Nifty also bounced back smartly, closing at 50,594. A move above 50,650, its previous swing high, could trigger a fresh breakout, according to Yedve.

Rupak De, Senior Technical Analyst at LKP Securities, added:

“Nifty is approaching the 21-week EMA at 23,382. A strong breakout above 23,400–23,600 could push the index another 200 points higher. However, failure to breach this zone might lead to short-term consolidation.”

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🔮 Market Outlook for March 24:

• Immediate Nifty Support: 23,000
• Short-Term Resistance: 23,520 → 23,600
• Watchlist Sectors: Oil & Gas, Telecom, Financials
• Strategy: Continue buying on dips while monitoring global cues, FII flows, and sector rotation
  

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