Quote on Bank Nifty 09th March 2026 from Vatsal Bhuva, Technical Analyst at LKP Securities
Below the Quote on Bank Nifty 09th March 2026 from Vatsal Bhuva, Technical Analyst at LKP Securities
"Bank Nifty opened sharply lower but ended the session forming a long Dragonfly Doji candlestick, indicating buying interest emerging from lower levels. Notably, the index breached its 200-day DMA during Monday’s session, while the PSU Bank index slipped below its 50-day DMA for the first time, adding to the weakness. However, the RSI on daily and hourly charts is in an oversold zone, suggesting a potential rebound in the coming sessions. Any recovery may face resistance near 57,500, while immediate support is placed at 55,300, Monday’s low. A stronger bullish view will emerge only if the index reclaims its 50-day moving average."
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