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Below the Quote on Pre-market comment for Friday March 06 by Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited

Indian equity markets are likely to start the session on March 6 on a weaker note, as GIFT Nifty is trading around 24,653, down by nearly 178 points, indicating a negative opening for the domestic benchmark indices.

During the previous trading session, the Nifty 50 opened with a gap-up on positive global cues and steady buying interest. The index started around 24,616, dipped to an intraday low near 24,530, and later witnessed strong buying in the second half, pushing it to a high of about 24,854. It eventually settled at 24,765.90. Technically, 24,550–24,500 acts as immediate support, while 24,850 remains resistance. The RSI at 37.55 indicates improving momentum after rising from oversold levels.

Meanwhile, the Nifty Bank also traded with a positive bias, supported by selective buying in private banking stocks. After early weakness, the index recovered and moved toward the 59,000 level, indicating stability following the previous session’s decline. Technically, the 59,300–59,400 range is expected to serve as the immediate resistance, while 58,700–58,800 remains the crucial support zone. Momentum indicators currently remain neutral, pointing toward the possibility of consolidation before the next directional move.

On the institutional front, Foreign Institutional Investors (FIIs) extended their selling streak for the fifth consecutive session on March 5, selling equities worth approximately ?3,752 crore. In contrast, Domestic Institutional Investors (DIIs) continued their buying trend for the seventh straight session, purchasing shares worth over ?5,000 crore, which helped offset the FII outflows.

Considering the ongoing global uncertainties and elevated market volatility, investors are advised to remain disciplined and selective, focusing on fundamentally strong stocks during market corrections. Fresh long positions should ideally be considered only after a clear and sustained breakout above the 25,000 level on the Nifty, as such a move would signal improving sentiment and confirm the development of a stronger bullish structure.

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