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Published on 11-03-2026 10:24 am

Intraday Rational:

* Trend- Lower high-low formation for three consecutive session

* Levels- Buy around 50% retracement of previous two-day’s upmove (55527-57397

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Published on 11-03-2026 10:23 am

Technical Outlook:

* The index opened with a gap-up start and sustained followthrough buying above the previous session’s high throughout the day. Consequently, the daily price action formed a bullish candle with a higher high-higher low structure on the daily timeframe, signalling a technical pullback after the recent oversold phase.

* In line with expectations, the index witnessed a rebound from lower band of rising channel amid oversold conditions, with the stochastic oscillator bouncing from the oversold territory and currently placed near 20.5 levels. However, for the ongoing corrective phase to pause meaningfully, the index needs to fill Monday’s negative gap (57,696–56,247) on a closing basis, which would be a key prerequisite. A decisive move above this zone could trigger a pullback towards 58,500, coinciding with the 50% retracement of the 61,378–55,270 decline.

* On the downside, the 55,200 zone remains a crucial support, as it aligns with both the 80% retracement of the recent upswing and the lower boundary of the rising channel originating from the June 2022 low of 32,290.

* Structurally, since April 2025 the index has consistently held above its 52-week EMA. In the current setup, it has once again approached this long-term moving average, currently placed near 56,600. Historically, during a secular bull market, secondary corrections tend to extend up to ~3% below the 52-week EMA. Applying the same framework, the current corrective phase could potentially mature near the 54,900 region.

* The PSU Bank Index also formed a bullish candle with a higher high-higher low structure, registering positive follow-through after Monday’s candle. As long as the index sustains above Monday’s low of 8,600, the possibility of a technical pullback towards 9,200 remains intac

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Published on 11-03-2026 10:23 am

Nifty Bank :56950

The market concluded the session on a positive note, with the Bank Nifty settling at 56,950, up 1.6%. The Nifty PSU Bank Index outperformed the broader banking space, advancing 2.2%, indicating relatively stronger buying interest within PSU lenders.

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Published on 11-03-2026 10:22 am

Intraday Rational:

* Trend- Higher high-low formation for two consecutive session

* Levels- Buy around 50% retracement of previous two-days upmove(23804-24419)

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Published on 11-03-2026 10:22 am

Key Monitorable:

* Brent Crude Oil: Crude oil continues to cool-off post its recent spike in prices amid geopolitical tension in Middle East. Further cool-off in crude oil price will boost the sentiment for Indian equities.

* US & India Inflation print.

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