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Quote on Pre market comment for Wed March 09 by Hitesh Tailor, Research Analyst, Choice Broking Ltd

Indian equity markets are expected to begin the trading session on March 9 on a weaker footing, as GIFT Nifty is hovering around 23,754, down by nearly 791 points, indicating a negative opening for the domestic benchmark indices.

The NIFTY 50 experienced significant intraday volatility and sustained selling pressure during the past week. The index started the week with a sharp 500-point gap-down, reflecting weak market sentiment, and declined to a weekly low of 24,305 before settling at 24,450.45, registering a loss of 728 points (-2.89%). The formation of a bearish weekly candle along with a close below the 50-week EMA suggests weakening momentum. Key resistance levels are seen in the 24,700–25,150 range, while immediate supports are placed at 23,850 and 23,600. A fall below 23,500 could trigger further downside.

Meanwhile, the NIFTY Bank Index also ended the week lower at 57,783, declining by 1,272.60 points amid heightened volatility. The index slipped below the important 58,550 support level and formed its second consecutive bearish weekly candle, signaling ongoing selling pressure. Immediate support is located around 56,100, and a breakdown below this level may drag the index toward the 55,800–55,600 zone. On the upside, resistance levels are placed at 58,000, followed by 58,650 and 59,000. The Relative Strength Index (RSI) stands at 47.36, indicating neutral-to-bearish momentum, while prices continue to trade below the 20-day and 50-day EMAs.

According to provisional exchange data, Foreign Institutional Investors (FIIs/FPIs) were net sellers, offloading equities worth Rs.6,030 crore on March 6, 2026. In contrast, Domestic Institutional Investors (DIIs) provided support to the market by net buying shares worth nearly Rs.6,972 crore.

Given the prevailing global uncertainties and heightened market volatility, investors are advised to maintain a disciplined and selective approach, focusing on fundamentally strong stocks during market corrections. Initiating fresh long positions may be more prudent only after a clear and sustained breakout above the 25,000 level on the Nifty, as such a move would indicate improving sentiment and confirm the formation of a stronger bullish market structure.

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