Nifty above 23,600? A rally to 23,800 on the cards!

The Indian stock market wrapped up the March series on a strong note, with the Nifty bouncing back to reclaim the 23,500 mark. After a brief dip on Wednesday, the index rebounded on Thursday, gaining 104 points to close at 23,592.

Key Market Insights

The Nifty opened weak but recovered quickly, trading in a narrow range for most of the session before closing higher.

The broader market remained upbeat, with the Nifty Midcap100 and Smallcap100 rising 0.5% and 1.3%, respectively.

Sector-wise, PSU Banks, Media, Oil & Gas, and Realty led the gains, while Auto, Pharma, and Healthcare saw declines.

Global sentiment was subdued after US President Donald Trump announced a 25% tariff on foreign-built cars and light trucks starting April 2. The Nifty Auto Index dropped nearly 2% in response.

Key Levels to Watch

According to analysts, Nifty’s immediate support stands at 23,400, while resistance is expected around 23,850 in the short term.

Chandan Taparia (Motilal Oswal): The index has shown strong buying interest and needs to sustain above 23,400 to move towards 23,800–24,000 levels.

Nagaraj Shetti (HDFC Securities): Nifty remains in an uptrend but will face resistance around 23,850 in the near term.

Rupak De (LKP Securities): If Nifty stays above 23,600, a rally towards 23,800 is possible.

Stocks to Watch on March 28

UltraTech Cement: Expanded its clinker capacity by 3.35 MTPA in Madhya Pradesh and upgraded a grinding unit in Maharashtra.

Force Motors: Secured an order for 2,978 vehicles for the Defence Forces.

Asian Paints: Increased investment for its manufacturing facility in Dahej, Gujarat from ₹2,506 crore to ₹3,250 crore.

UCO Bank: Completed its QIP (Qualified Institutional Placement) with an issue price of ₹34.27 per share.

Zen Technologies: Won a ₹152 crore contract from the Ministry of Defence for an integrated air defence combat simulator.

AB Fashion: NCLT approved the merger with Aditya Birla Lifestyle Brands.

DCM Shriram: Plans to set up a compressed biogas plant at its Ajbapur unit with an investment of ₹131.30 crore.

Market Outlook

Traders will be keeping an eye on:

US Q4 GDP data (to be released today)

US CPI for February (expected on Friday)

Impact of Trump's tariff announcement

With March 29 marking the end of Q1 and the financial year 2025, market movements could see some volatility. Will Nifty break past 23,800 in the April series? All eyes are on the opening session!