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Below the Quote on Pre-market comment for Tuesday March 17 by Aakash Shah, Technical Research Analyst, Choice Broking

Indian equity markets are expected to open on a positive note on Tuesday, tracking firm global cues and strong indications from GIFT Nifty, which is currently trading around 23,500 levels, up nearly 100–110 points. The sharp uptick indicates a gap-up start for domestic benchmarks, with improving sentiment likely to support early trades.

In the previous session, benchmark indices witnessed a strong rebound with late-session buying, helping the market snap its recent losing streak. The Nifty 50 closed around 23,400, gaining over 250 points, while the BSE Sensex surged close to 75,500, rising nearly 900 points. The recovery was largely driven by short covering and value buying in index heavyweights after recent declines.

Sectorally, banking, financials, and auto stocks led the gains, while selective buying was also seen in consumption-oriented counters. Broader markets participated in the recovery, with midcap and small-cap stocks showing resilience, indicating improving risk appetite among investors.

From a technical perspective, the Nifty 50 is attempting to recover after recent volatility and is now approaching a crucial resistance zone. Immediate support is placed near 23,250–23,300, followed by 23,000, while on the upside, resistance is seen around 23,550–23,600. A sustained move above this zone could open the path towards the 23,833 mark in the near term.

The Nifty Bank index also showed strength in the previous session, closing near 54,400 levels. Immediate support is placed around 54,100–54,200, while resistance is seen near 54,700–54,800. A breakout above this resistance band could further strengthen sentiment in banking stocks, which remain key drivers for the broader market.

On the institutional front, foreign institutional investors (FIIs) continued to remain net sellers over -9,365.5 crore, reflecting caution amid global uncertainties. However, domestic institutional investors (DIIs) have provided consistent support through steady buying over +12,593.4 crore, helping stabilise the market during volatile phases. Meanwhile, India VIX has shown signs of easing from recent highs, indicating a slight improvement in near-term volatility outlook.

Overall, markets are likely to witness a positive start with range-bound to mildly bullish undertone during the session. Traders may focus on banking, Financial, and Capital Good stocks, which are showing relative strength. However, with the index approaching key resistance zones, a stock-specific approach with disciplined risk management remains advisable for the trading session ahead.

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