Quote On Post market comment by Mandar Bhojane, Research Analyst, Choice Broking

Below the Quote On Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
Indian equity indices closed lower in a volatile session on March 3, with the Sensex dropping 112.16 points to 73,085.94 and the Nifty slipping 5.40 points to 22,119.30. Nifty has corrected 16.26 percent from its all-time high, making an intraday low of 22,004.7 before witnessing a slight recovery. The formation of a neutral candle at this support level, along with significant volume, suggests selling pressure may be easing. However, a clear reversal is yet to be confirmed and requires follow-up buying.
Technically, Nifty remains in a sideways to bearish phase, trading near crucial support. A breakdown below 22,000 could trigger further weakness toward 21,800 and 21,600. On the upside, a breakout above 22,500 would indicate strength and could lead to a recovery. Until a decisive move occurs, the market is likely to remain under pressure, with limited upside potential.
BSE Midcap up 0.25 percent and smallcap index down 0.7 percent. On the sectoral front, media, PSU Bank and oil & gas down 0.3-1 percent, while consumer durables, IT, metal, realty up 0.5-1 percent.
Given the weak structure, traders should remain cautious and wait for confirmation through price action and volume before initiating fresh trades. Market sentiment remains fragile, and any recovery will require strong buying momentum to sustain. Strict risk management is advisable, as volatility is expected to persist in the near term.
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