Quote on Pre-market comment for Monday March 23rd by Hitesh Tailor, Research Analyst, Choice Broking
Below the Quote on Pre-market comment for Monday March 23rd by Hitesh Tailor, Research Analyst, Choice Broking
Indian equity markets are likely to open the trading session on March 23 with a gap-down and negative bias. The GIFT Nifty is currently hovering near 22,765, reflecting a sharp decline of around 375 points (-1.62%), indicating a weak start for the benchmark indices.
On 20th March 2026, the Nifty 50 remained volatile throughout the session, opening with a gap-up and showing initial strength, but later witnessed profit booking and failed to sustain higher levels, eventually closing with marginal gains. This price action indicates lack of strong follow-through buying and selling pressure emerging at higher levels. From a technical perspective, the 23,150–23,200 zone is acting as immediate resistance, while support is placed in the 22,700–22,750 range. The RSI at 31.84 suggests near-oversold conditions, hinting at a possible short-term bounce but still reflecting underlying weakness. Overall, the near-term outlook remains cautiously bearish, with volatility likely to persist and downside risk intact if support levels fail to hold.
On 20th March 2026, the Nifty Bank index started the session on a relatively flat note and showed initial strength, moving higher in early trade, but failed to sustain at elevated levels and faced selling pressure in the latter half. The index slipped from the day’s high and eventually closed marginally in the red, indicating profit booking at higher levels and lack of strong follow-through buying. This price action reflects continued weakness and cautious sentiment in the banking space. From a technical standpoint, the 53,800–54,000 zone is acting as immediate resistance, while the 52,500–52,700 range remains a crucial support base. The RSI stands at 28.71, indicating oversold conditions, which may lead to a short-term pullback but still suggests underlying bearish sentiment.
Foreign Institutional Investors (FIIs) continued their selling on March 20, as they offloaded equities worth Rs 5518 crore, however, Domestic Institutional Investors (DIIs) bought equities worth Rs 5706 crore.
Considering the recent volatile price action and continued weakness in both the Nifty 50 and Nifty Bank, along with cautious global cues and persistent selling pressure at higher levels, investors are advised to maintain a disciplined and cautious approach. On 23rd March 2026, it would be prudent to focus on accumulating fundamentally strong stocks on meaningful declines rather than chasing any short-term bounce. Fresh long positions should ideally be considered only once the Nifty manages a decisive recovery and sustains above the 24,500–25,000 mark, as this would indicate improving market sentiment and could pave the way for a more stable recovery ahead
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