Quote on Pre market comment for Wed March 10 by Aakash Shah, Research Analyst, Choice Broking Ltd
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Below Quote on Pre market comment for Wed March 10 by Aakash Shah, Research Analyst, Choice Broking Ltd
Indian equity markets are likely to start the trading session on March 10 on a positive note. The GIFT Nifty is trading around 24,322, up nearly 202 points, which indicates a positive opening for the domestic benchmark indices.
During the previous session, the Nifty 50 opened with a sharp gap-down of about 580 points and continued to decline, touching an intraday low of 23,697.80. As the day progressed, the index recovered partially and climbed to an intraday high of 24,078.15 before finally closing at 24,028.05, registering a loss of 422 points (1.73%).From a technical standpoint, the immediate resistance zone for the index is placed between 24,200 and 24,250, while strong support is seen in the 23,900–23,950 range. The Relative Strength Index currently stands at 28.89, suggesting that the market is in oversold territory, which may lead to a short-term rebound.
Similarly, the Nifty Bank began the session with a steep gap-down of nearly 1,650 points and continued to fall during early trade, hitting an intraday low of 55,270. Although the index recovered slightly later in the session, it still ended significantly lower at 56,019.80, declining by 1,763 points (3.05%), reflecting heavy selling pressure. Technically, resistance for the index is seen between 56,300 and 56,400, while support is located in the 55,700–55,800 zone. The RSI for the index is at 24.88, which also signals an oversold condition and indicates the potential for a short-term bounce.
Meanwhile, Foreign Institutional Investors extended their selling streak for the seventh consecutive session on March 9, offloading equities worth Rs.6,345 crore. In contrast, Domestic Institutional Investors provided support to the market by purchasing shares worth Rs.9,000 crore.
Considering the ongoing global uncertainties and elevated market volatility, investors are advised to remain disciplined and selective, focusing mainly on fundamentally strong stocks during market corrections. Initiating fresh long positions may be advisable only after the Nifty decisively breaks and sustains above the 25,000 level, as such a move would signal improving market sentiment and the formation of a stronger bullish trend.
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