In contrast to Nifty Bank, which ended the session at 51,575.85, up 0.72%, and established a piercing pattern on the daily chart, confirming a positive attitude Nifty ended the previous session at 23,591.95, recording a gain of 0.45% and the index also formed a piercing pattern candle, a bullish daily chart signal demonstrating potential upward traction.

Lower volatility was indicated by the India VIX, the main indicator of market volatility, which fell 1.26% to 13.30.

Nifty Outlook Today

"The Nifty index has exhibited a sharp rebound from its support zone, signalling strong buying interest at lower levels, with an evident rise in put writing. Sustained FPI buying, an improving long-short ratio, and a well-established base at the 200-day EMA indicate that demand remains solid. RSI comfortably holds above the 60 mark, and the index continues to trade well above its 10-day EMA, hinting at a potential mean reversion or a period of time-based correction. Moreover, Nifty remains firmly above its 200-day EMA, reinforcing a sturdy support zone for the upcoming sessions," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

"The 23,400-23,450 range remains a key demand area, bolstered by persistent put accumulation, flipping prior resistance into a reliable support zone. On the upside, the 23,700-23,800 region has emerged as a critical resistance zone, where heavy call writing and psychological hurdles may act as roadblocks. A decisive break above 23,800 could spark short-covering, accelerating bullish momentum toward 24,000. With call writers tightening their grip at higher levels and put writers staunchly defending the lower end, traders should anticipate a consolidation phase accompanied by intermittent profit-taking. As long as Nifty sustains above 23,400, a buy-on-dips strategy remains optimal. Meanwhile, a breakout beyond 23,800 could ignite the next leg of the rally, potentially propelling the index toward 24,000," the analyst further added.

Bank Nifty Outlook Today

"Nifty Bank has shown resilience, rebounding smartly from key support levels, with persistent buying and notable put additions further strengthening its structure. The ongoing inflows from FIPs, coupled with an improving long-short ratio and a solid base at psychological and technical support levels, indicate strong demand persists at lower levels. The RSI remains comfortably above 70, while the index trades well above its 10-day EMA, suggesting either a time-based correction or continued accumulation before the next up move. The 51,200-51,000 range has emerged as a crucial support area, reinforced by sustained put writing, flipping a previous resistance into a demand zone," stated Dhupesh Dhameja.

"Meanwhile, the 51,800-52,000 zone poses a critical resistance level, where aggressive call writing and psychological barriers could act as hurdles. A decisive close above 52,000 could trigger short-covering, fuelling further upside momentum toward 52,500. As call writers continue to tighten their grip at higher levels while put writers defend lower zones, a consolidation phase with intermittent profit-taking is likely. However, as long as Nifty Bank holds above 51,000, the buy-on-dips strategy remains intact. A breakout beyond 52,000 would signal renewed bullish momentum, potentially driving the index toward 52,500 in the near term," he further analysed.

Stocks To Buy Today

As the market nears the last trading session of the current fiscal year, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Friday, March 28.

Jubilant FoodWorks

Buy JUBLFOOD in Cash @ Rs 674.60, Stop-loss @ 651, Target @ 722

JUBLFOOD is currently trading at ₹674.60, having recently rebounded from a key support zone. The stock has formed a bullish engulfing candlestick on the daily timeframe and has successfully broken out of a falling trendline, indicating renewed buying interest among market participants. This breakout is further supported by rising trading volumes, reinforcing strong buying momentum.

In the short term, JUBLFOOD appears well-positioned to target ₹722, with the Relative Strength Index (RSI) at 58.28, signaling a strengthening trend and potential for further upside. Additionally, the stock is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), further solidifying the prevailing uptrend. A sustained move above the critical resistance level of ₹700 could provide an ideal confirmation for long positions.

Traders may consider entering at the current price of ₹674.60, aiming for a target of ₹722 while placing a stop-loss at ₹651 to manage risk effectively. While the technical setup remains promising, traders should remain cautious of potential short-term volatility and adhere to disciplined risk management strategies for optimal trade execution.

Marico

Buy MARICO in Cash @ Rs 649.05, Stop-loss @ 626, Target @ 695

Marico is currently trading at ₹639.75 after an impressive 11% bullish rally, signaling a potential trend reversal. The stock has formed a pattern of higher highs and higher lows and has broken out of a consolidation phase, reflecting strong buying interest and a bullish market structure. This breakout is further validated by a surge in trading volume, reinforcing positive sentiment.

The Relative Strength Index (RSI) stands at 63.29 and is trending upward, indicating increasing buying momentum. Additionally, Marico is trading above its 20-day, 50-day, and 200-day EMAs, further strengthening its bullish outlook. On the downside, immediate support is placed at ₹636, while a sustained move above the ₹663 resistance level would serve as a strong confirmation of the breakout.

Traders may consider entering at the current price of ₹649.05, with a target of ₹659 and a stop-loss at ₹626 to manage risk effectively. While the technical setup appears favorable, traders should remain mindful of short-term volatility and maintain disciplined risk management strategies for optimal trade execution.