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Below the Quote on Pre-market comment for Thursday March 19 by Hitesh Tailor, Research Analyst, Choice Broking

Indian equity markets are likely to open the trading session on March 19 with a negative bias. The GIFT Nifty is currently hovering near 23,278, reflecting a sharp decline of about 504 points and signaling a weak start for the benchmark indices.

From a technical perspective, the immediate support for the index is placed in the 23,250–23,150 range, while resistance is expected around 23,900–23,950. The Relative Strength Index (RSI), currently at 37.04, is showing signs of gradual recovery from oversold conditions. While there are early indications of a rebound, a sustained move above these levels would be necessary to confirm strengthening momentum. The formation of a bullish candle suggests potential recovery, provided buying interest continues to build.

The Bank Nifty index also experienced notable buying activity during the session, reflecting improving investor sentiment. It opened higher at 54,927.05 but slipped to an intraday low of 54,689.10 during the first half. However, renewed buying interest pushed the index upward, leading to a strong recovery from the lows. It surged by 865.05 points to hit an intraday high of 55,554.15 and eventually settled at 55,326.05, marking a gain of 450.05 points or 0.82%. Technically, immediate support for Bank Nifty is seen in the 54,200–54,000 zone, while resistance lies between 55,600 and 55,700. The RSI stands at 35.11, indicating that the index is still near oversold territory. A sustained upward move from these levels would signal improving strength in the trend.

On March 18, Foreign Institutional Investors (FIIs) continued their selling activity, offloading equities worth ?2,714.4 crore and extending their selling streak to nine sessions. Meanwhile, Domestic Institutional Investors (DIIs) remained net buyers, purchasing equities worth ?3,253 crore.

Amid persistent global uncertainties and elevated market volatility, investors are advised to maintain a disciplined and selective approach. Focusing on fundamentally strong stocks during market corrections may be a prudent strategy. Fresh long positions should ideally be considered only after the Nifty convincingly crosses and sustains above the 25,000 mark, as this would indicate improving sentiment and the potential emergence of a stronger bullish trend.

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