Trade Setup for March 27: Nifty may enter deeper correction if 23,300 support breaks

After a seven-day rally, Indian equity markets witnessed a pause on Wednesday, with the Sensex and Nifty 50 slipping into negative territory. Despite opening on a positive note, the indices faced selling pressure early in the session, leading to a sharp decline. The Nifty closed at 23,487, down 182 points, retreating over 400 points from its recent high of 23,869.

Key Market Trends:

Profit booking and cautious sentiment ahead of the US-India trade meet weighed on equities.

Broader markets remained under pressure for the second consecutive session, with Nifty Midcap100 and Smallcap100 falling 0.7% and 1%, respectively.

Sectoral indices ended mostly in red, with energy and realty stocks among the top losers.

Technical analysts expect Nifty to find support around 23,400-23,200 levels, with resistance at 23,800. A rebound from support could reignite bullish momentum, while a dip below 23,300 may signal a deeper correction.

Stocks to Watch on March 27

Vedanta Ltd. – Appoints Rajiv Kumar as CEO of its Aluminium Business for a three-year term, effective March 26, 2025.

BSE Ltd. – The company’s board will meet on March 30, 2025, to consider the issuance of bonus shares.

Ashok Leyland – Plans to shut down manufacturing and assembly operations at its Switch UK unit.

NHPC Ltd. – Successfully completes the trial run of Unit 3 (200 MW) of the Parbati-II Hydroelectric Project in Himachal Pradesh.

MSTC Ltd. – Announces a third interim dividend of ₹4.50 per share for FY25.

With ongoing market corrections, investors will closely watch key support levels and global trade developments in the upcoming sessions.