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Below the Quote on Closing Market Summary from Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited

Indian equity benchmarks ended sharply higher on March 5, 2026, recovering strongly after the previous session’s steep decline as improving global cues and easing geopolitical concerns supported investor sentiment. The BSE Sensex advanced 899.71 points (1.14%) to close at 80,015.90. Similarly, the Nifty 50 gained 285.40 points (1.17%) to settle at 24,765.90. The recovery was largely driven by strong buying in heavyweight stocks and improving risk sentiment in global markets The Nifty 50 witnessed a gap-up start following positive global cues and sustained buying interest throughout the session. The index opened around 24,616 and initially slipped toward an intraday low near 24,530, before strong momentum in the latter half pushed it to an intraday high of 24,854. It eventually settled at 24,765.90, reflecting strong recovery from the previous day’s weakness. Technically, the 24,650–24,600 zone is expected to act as immediate support, while resistance is positioned near the 24,850 range, which aligns with the day’s high and short-term supply zone. The Relative Strength Index (RSI) 37.55, has moved higher from oversold levels, indicating a gradual improvement in momentum but still requiring confirmation through follow-through buying.

The Nifty Bank also traded with a positive bias, supported by selective buying across private banking stocks. The index rebounded from early session weakness and moved toward the 59,000 mark, indicating stability after the previous day’s decline. Technically, 59,300–59,400 will act as the immediate resistance zone, while 58,700–58,800 remains the key support area. Momentum indicators remain largely neutral, suggesting the possibility of consolidation before the next directional move.

Market volatility cooled slightly during the session as the India VIX eased from elevated levels and closed at 17.8575 to -15.53%, reflecting a moderate decline in fear among market participants. The recovery in global equities, easing concerns over crude oil supply disruptions, and renewed buying in heavyweight stocks helped stabilize sentiment. However, derivatives data suggests strong positioning around the 24,600 and 24,900 strikes, indicating a well-defined near-term trading band. Traders may continue to adopt a cautious approach, focusing on key support levels and waiting for a decisive breakout above resistance zones for fresh directional opportunities.

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