Quote on Pre-market comment for Monday March 16 by Hitesh Tailor, Research Analyst, Choice Broking
Below the Quote on Pre-market comment for Monday March 16 by Hitesh Tailor, Research Analyst, Choice Broking
Indian equity markets are expected to begin the trading session on March 16 on a mildly positive note. The GIFT Nifty is trading around 23,248, up nearly 49 points (+0.21%), indicating a slightly firm to steady opening for the domestic benchmark indices, as investors remain watchful amid global uncertainties while attempting a modest recovery after the recent market correction.
The Nifty 50 recorded its fourth consecutive session of losses on March 13, opening with a gap-down of nearly 177 points from the previous close of 23,639. Early selling pressure dragged the index to an intraday low of around 23,112, reflecting strong bearish sentiment amid persistent global concerns and heavy institutional selling. During the session, the index attempted a mild recovery and moved towards the 23,490 zone, but sustained supply at higher levels restricted further upside. As a result, the index finally settled at 23,151.10, extending the ongoing correction in the benchmark index. Technically, immediate support is positioned in the 23,000–23,100 zone, which is expected to act as a crucial cushion in the near term. On the upside, resistance is placed around the 23,400–23,500 range, and this zone could emerge as a significant hurdle for any short-term recovery attempt.
The Nifty Bank index on 13th March 2026 began the session with a gap-down of around 415 points, opening at 54,592.05, reflecting weak sentiment in the banking space. The index initially moved slightly higher and touched an intraday high of 54,713.75, but the recovery failed to sustain as selling pressure emerged at higher levels. This led to a sharp downside move, dragging the index to an intraday low of 53,675.70 during the session. The index eventually settled at 53,757.85, indicating continued weakness in the banking segment. Technically, immediate support is positioned in the 53,400–53,500 zone, which may act as a key cushion for the index in the short term. On the upside, resistance is seen around the 54,200–54,300 range, and this zone could emerge as a significant hurdle for any near-term recovery attempt.
Foreign Institutional Investors (FIIs) extended their selling to the 11th consecutive session on March 13, offloading equities worth over ?10,000 crore, while Domestic Institutional Investors (DIIs) largely offset the outflows with purchases of around ?10,000 crore, providing some support to the domestic markets.
Considering the prevailing global uncertainties and continued volatility in the markets, investors are advised to maintain a cautious and disciplined approach. On March 16, 2026, it may be prudent to focus on accumulating fundamentally strong stocks during market dips rather than chasing short-term momentum. Fresh long positions should ideally be considered only once the Nifty manages a decisive breakout and sustains above the 25,000 mark, as such a move would indicate strengthening market sentiment and could pave the way for a more sustainable bullish trend ahead.
Above views are of the author and not of the website kindly read disclaimer
