Sensex, Nifty Prediction Tomorrow: Oil Spike, Rupee Near 94 Key Triggers For Monday
Last Updated:
Middle East crisis, Brent near 112, strong US dollar and weak sentiment keep Sensex and Nifty 50 volatile as experts flag key supports and resistance levels.
Share Market In Focus amid Iran-US conflict
Stock Market Tomorrow: The Indian equities market is expected to remain volatile tomorrow, Monday, March 23 amid a cluster of factors, including the ongoing Middle East crisis, the rising crude oil prices, the strengthening US dollar and weakening rupee and weaker investing sentiment.
As of 2:44 AM on March 22, Gift Nifty fell almost 291 points to 22,845, suggesting a weaker opening for Sensex and Nifty on Monday.
Brent crude oil prices surged to hover near $112 per barrel amid the fear of disruption of the global energy supply, as the energy infrastructure of each side is targeted by the forces.
Meanwhile, gold and silver are in a pull mode and seeing one of their biggest weekly falls in the history since 1983. The corrections are happening in the commodities despite the Middle East crisis, heightening the volatility and uncertainty, a factor corresponding to higher investment in safe hedge bets like gold and silver.
The BSE Sensex settled at 74,532.96, gaining 325.72 points (0.44%) in the latest session, while the Nifty 50 closed at 23,114.50, up 112.35 points (0.49%) on the day. Despite the daily gains, both indices remained under pressure on a weekly basis.
Market participants witnessed sharp intraday swings throughout the week. The Nifty moved between a high of 23,345.15 and a low of 23,067.60 during the session, reflecting continued uncertainty and lack of directional strength.
According to Ravi Singh, Chief Research Officer at Master Capital Services Ltd., the broader trend indicates a meaningful correction. He noted that the Nifty has declined nearly 8.20% this month, retracing a significant portion of its prior rally between March 2025 and January 2026.
Key Triggers to Watch
Market participants are likely to track several key factors in the near term:
Global cues: Ongoing geopolitical tensions and global market trends will remain a major driver
US Fed outlook & bond yields: The ripple of latest Fed’s decision to keep the policy rates unchanged will have the impact.
Crude oil prices: Volatility in oil could influence inflation and market sentiment
FII/DII activity: Sustained foreign outflows may keep pressure on indices
Rupee movement: The constant decline to record lows can add to market volatility
Sensex: Range-Bound With Weak Bias
Ponmudi R, CEO of Enrich Money said the Sensex is showing early signs of stability near the 74,300–74,500 support zone, following the recent correction. However, the index continues to face strong resistance in the 75,000–75,300 range, which is limiting any meaningful upside.
He noted that a break below the 74,000 mark could trigger fresh selling pressure, dragging the index toward 73,500–73,000 levels. On the other hand, a sustained move above the resistance band is essential to improve overall sentiment.
In his view, while selective buying is emerging at lower levels, the broader outlook remains cautious to weak as global cues continue to weigh on investor confidence.
Nifty 50: Critical Support Near 23,000
On the Nifty 50, Ponmudi R highlighted that the index is trying to stabilise around the 23,000–23,200 support zone after a sharp correction. However, it is still trading below key resistance levels, indicating that the overall structure remains weak.
He warned that a decisive breach below 23,000 could accelerate selling, with the index potentially falling to 22,700–22,500. Further downside could extend toward 22,000–21,800 if weakness persists.
On the upside, the 23,300–23,400 zone remains an immediate hurdle, while 24,000 is seen as a strong resistance level. According to him, only a sustained move above 24,000 would signal any meaningful recovery in the market.
Momentum indicators also remain weak. He pointed out that the RSI is hovering near oversold levels, while MACD continues to stay in negative territory, suggesting that any near-term bounce could be limited.
March 22, 2026, 13:21 IST
Read More
