Stock market: Gift Nifty rises 117 points; key levels to watch today
Brent crude, which had surged sharply in recent sessions, has shown signs of moderation after reassuring comments from US policymakers, said Hariprasad K.
- Mar 20, 2026,
- Updated Mar 20, 2026 8:05 AM IST
Domestic equity benchmark indices are likely to open on a flat to slightly higher note on Friday, supported by easing crude oil prices as the US and Israel offered a degree of relief toward de-escalation in West Asia conflict.
Nifty futures on the NSE International Exchange traded 117.5 points, or 0.51%, higher at 23,237.5, signalling a positive start for the equity market on March 20.
Recent signals from the United States and Israel indicating a potential de-escalation in the Iran conflict have provided some relief to global markets, said Ponmudi R, CEO of Enrich Money. “This has led to a mild cooling in crude oil prices and supported a relatively stable opening across Asian indices.”
Overnight, Wall Street closed lower. The Dow Jones Industrial Average declined 0.44% to end at 46,021.43. The S&P 500 fell 0.27% to 6,606.49. The Nasdaq Composite edged 0.28% lower to 22,090.69.
Brent crude, which had surged sharply in recent sessions, has shown signs of moderation after reassuring comments from US policymakers, said Hariprasad K, SEBI-registered research analyst and founder, Livelong Wealth.
“Statements suggesting a potential easing of sanctions on Iranian oil supplies and reduced likelihood of military escalation have helped cool immediate supply concerns,” Hariprasad said.
Meanwhile, oil prices eased today. At last check, US crude prices were down 2.83% to $93.42 per barrel, while Brent crude futures declined 2.96% to $105.43 per barrel.
Previous session
In the previous session on Thursday, the Sensex plummeted 2496.89 points, or 3.26%, to settle at 74,207.24, while the Nifty declined 775.65 points, or 3.26%, to close at 23,002.15.
Key levels
The 50-pack index is currently hovering near a critical support zone of 22,900. A decisive breakdown below this level could trigger further downside towards 22,700, and if selling picks up, the decline could extend to the broader support band of 22,500-22,000, said Ponmudi.
“On the upside, 23,300–23,400 stands as the immediate resistance zone. Any pullback toward this region is likely to face selling pressure,” Ponmudi noted.
According to Ponmudi, a stronger resistance is placed between 23,600 and 23,750, and only a sustained move above this band will shift the short-term structure towards stability. “Momentum indicators continue to remain weak, reinforcing the prevailing negative bias. As long as Nifty remains below 23,300, the index is expected to trade with a bearish bias,” he added.
Domestic equity benchmark indices are likely to open on a flat to slightly higher note on Friday, supported by easing crude oil prices as the US and Israel offered a degree of relief toward de-escalation in West Asia conflict.
Nifty futures on the NSE International Exchange traded 117.5 points, or 0.51%, higher at 23,237.5, signalling a positive start for the equity market on March 20.
Recent signals from the United States and Israel indicating a potential de-escalation in the Iran conflict have provided some relief to global markets, said Ponmudi R, CEO of Enrich Money. “This has led to a mild cooling in crude oil prices and supported a relatively stable opening across Asian indices.”
Overnight, Wall Street closed lower. The Dow Jones Industrial Average declined 0.44% to end at 46,021.43. The S&P 500 fell 0.27% to 6,606.49. The Nasdaq Composite edged 0.28% lower to 22,090.69.
Brent crude, which had surged sharply in recent sessions, has shown signs of moderation after reassuring comments from US policymakers, said Hariprasad K, SEBI-registered research analyst and founder, Livelong Wealth.
“Statements suggesting a potential easing of sanctions on Iranian oil supplies and reduced likelihood of military escalation have helped cool immediate supply concerns,” Hariprasad said.
Meanwhile, oil prices eased today. At last check, US crude prices were down 2.83% to $93.42 per barrel, while Brent crude futures declined 2.96% to $105.43 per barrel.
Previous session
In the previous session on Thursday, the Sensex plummeted 2496.89 points, or 3.26%, to settle at 74,207.24, while the Nifty declined 775.65 points, or 3.26%, to close at 23,002.15.
Key levels
The 50-pack index is currently hovering near a critical support zone of 22,900. A decisive breakdown below this level could trigger further downside towards 22,700, and if selling picks up, the decline could extend to the broader support band of 22,500-22,000, said Ponmudi.
“On the upside, 23,300–23,400 stands as the immediate resistance zone. Any pullback toward this region is likely to face selling pressure,” Ponmudi noted.
According to Ponmudi, a stronger resistance is placed between 23,600 and 23,750, and only a sustained move above this band will shift the short-term structure towards stability. “Momentum indicators continue to remain weak, reinforcing the prevailing negative bias. As long as Nifty remains below 23,300, the index is expected to trade with a bearish bias,” he added.