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Below the Quote on Pre-market comment for Wednesday March 11 by Aakash Shah, Technical Research Analyst, Choice Broking

Indian equity markets are expected to open on a weak to mildly negative note on Wednesday, tracking softer global cues and weak indications from GIFT Nifty, which is currently trading around 24,300, down nearly 70 points. The decline suggests a cautious start for domestic benchmarks as investors remain watchful of global market trends and continued volatility in crude oil prices.

In the previous session, benchmark indices ended higher after snapping a short losing streak, supported by broad-based buying and easing concerns over global risk factors. The Nifty 50 closed around 24,261 while the Sensex settled near 78,206, registering moderate gains amid improved investor sentiment. Sectorally, auto, financials, and consumer-oriented stocks led the recovery, while some pressure was seen in select IT and oil & gas counters. Broader markets also remained firm, with midcap and small-cap stocks outperforming the frontline indices, reflecting selective buying interest across sectors.

From a technical perspective, the Nifty continues to trade in a consolidation range, with immediate support placed near 24,100 followed by 24,000, while on the upside the index faces resistance in the 24,400–24,500 zone. A sustained move above these levels could open the path for further upside toward the 24,600–24,700 area, while failure to hold above support may trigger short-term volatility.

The Bank Nifty index showed relative strength, closing near 56,950 in the previous session. Immediate support is seen around 56,600–56,700, while resistance is placed near 57,200–57,300. A decisive breakout above this resistance band may strengthen sentiment in banking and financial stocks, which continue to play a key role in driving overall market direction

On the institutional flows front, foreign institutional investors (FIIs) have continued to remain net sellers of 4,673 crore, while domestic institutional investors (DIIs) continue to provide strong support, with notable net buying of over ?6,333 crore in the latest available data, helping cushion downside risks and stabilise market sentiment. At the same time, India VIX has declined sharply, signalling easing volatility and improved near-term market stability.

Overall, markets are likely to witness a range-bound session with a mildly positive bias. Traders may focus on auto, financials, and select consumption-oriented stocks, which are showing relative strength. However, given the ongoing consolidation near resistance levels and continued global uncertainties, a stock-specific approach with disciplined risk management remains advisable for the trading session ahead.

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