Nifty Trade Setup for March 13: Nifty, Bank Nifty index form a high wave candle

India’s benchmark index Nifty 50 is expected to find crucial support around 23,550–23,500 after markets declined for a second straight session. Analysts say a break below 23,500 could trigger further downside, while 23,800–23,850 remains the immediate resistance zone for any rebound.

Indian equity benchmarks closed lower for the second consecutive trading session, with the benchmark Nifty 50 witnessing continued selling pressure amid weak global cues and rising macroeconomic concerns.

According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the index is currently approaching a critical support zone between 23,550 and 23,500, which traders will closely monitor in the next session.

Shah noted that a sustained move below 23,500 could accelerate the decline, potentially pushing the index toward the 23,350 level in the near term.

Resistance Levels for Nifty

On the upside, analysts expect 23,800–23,850 to act as the immediate resistance zone for the index.

If the Nifty manages to break above this range decisively, it could trigger a short-term pullback rally, with the next upside targets placed around 23,970–24,000.

Market technicians highlighted that the index has formed a “high wave candle” with a lower high and lower low, indicating continued bearish momentum in the short term.

Analysts at Bajaj Broking added that the overall bias remains negative, with the index likely to extend its decline toward the 23,200 level in the coming sessions if selling pressure persists.

Bank Nifty Technical Outlook

The banking benchmark, Nifty Bank, is also showing signs of weakness following the broader market trend.

Technical analysts identify 54,600–54,500 as a crucial support zone for the index.

Below 54,500: The decline may extend toward 53,900.

Resistance: 55,500–55,600 remains a key resistance band that could limit any rebound.

Similar to the Nifty, the Bank Nifty index has also formed a high wave candle with a small real body, reflecting indecision and continuation of corrective downside momentum.

Market Recap

Indian stock markets ended Thursday’s session in the red, tracking weak global market sentiment and risk-off mood among investors.

On the sectoral front, auto, FMCG, and consumption stocks were among the top losers on the National Stock Exchange of India.

Adding to the concerns, the Indian rupee fell to a record low amid rising global crude oil prices, increasing fears about India’s current account deficit and inflation pressures.

Market Outlook

Brokerages expect market volatility to remain elevated in the near term, driven by a combination of factors including:

Rising crude oil prices

Global market uncertainty

Geopolitical tensions

Currency pressure

Traders are therefore advised to watch key support and resistance levels closely as the market navigates heightened volatility.