Daily Morning Report – 23/03/26

NIFTY OUTLOOK: 23114.50 FII -5518.39 cr    DII 5706.23 cr

(23rd  – 27th March 2026)

As we discussed in the previous report dated 16th March 26 market behavior remained on the expected lines during the week passed by as on Monday 16 Mar 26 nifty start with bearish sentiments which drift down it up to our support of 22961 from there as analyzed oversold territory of daily and weekly RSI gave the bounce up to 23862.25. Thus after respecting both the side of nifty closed near to its previous closing i.e. closed at 23114.5

Further a gravestone doji appeared on weekly chart of nifty suggest that buyers efforts to drive the nifty advance during the week were defeated by sellers and end of week pushing the nifty back to opening. Technically there is resistance at high level and selling pressure for nifty hence continuation of its bearish journey may find support around 22918 to 22721. If nifty failed to defend these supports then it may further slip up to 22526 to 22330.

Furthermore this candle also indict that sellers were overcome the buying pressure hence if buyers will re strike then nifty may bounce up to 23313 to 23510. If break-through above these resistances and sustain may push the nifty up to 23703. If more demand will accentuate then it may have chances to test 23900.

Bank Nifty OUTLOOK:   

SPOT:  53427.05 Pcr: 0.79 Max Ce OI on 59000 & Max Pe OI on 59000

On March 20, 2026, a Bank Nifty index was closed at 53427.05 (-23.95) (-0.04%). The total movement in the index was 1084.90 during the trading session.  The index made a high of 54382.45 and a low of 53297.55.

Technical view                                        

 Important support and resistance level of Bank nifty are 52800 and 55650 respectively.  

Intraday Support and resistance of Bank nifty are 53200.80 and 53701.70 respectively.  

The Relative Strength Index (RSI) for the Nifty Bank index at 28.70. Below 30 is considered oversold and above 70 overbought.  

Bank nifty Day SMA Analysis

Bank nifty is trading above 0 out of 8 SMA’s.

Bank nifty is trading below 8 out of 8 SMA’s (5,10, 20, 30, 50, 100, 150 Day).

No active Candlestick Pattern was identified in bank nifty on daily chart.

Macros :

1.Dollar index is @ 99.525.

2.Vix is @ 26.78 ( +11.31%).

3.Cruse is @ 99.02.

4.10 yrs bond yield is @ 4.409.

Note : War in now escalating beyond conventional means . Nuclear site was attacked by Israel & then by Iran in relation. If this escalates radioactive substance may leak and that will be very dangerous for Gulf region as well as entire world .

Iran warned it would strike energy and water infrastructure across the Gulf if U.S. President Donald Trump follows through on his threat to attack its electricity grid, raising fears of mass disruption in a region heavily dependent on desalination ​for drinking water.

The prospect of tit-for-tat strikes on civilian infrastructure further unsettled oil markets. Gasoline prices in US & European union has increased by 30% & inflation will now start to increase .

We may see war intensifying more as Iran is showing resilience which was miss calculated by US & Israel .

Important Pivot Point Levels for Today                 

Nifty

Bank Nifty

By Ashok Bhandari (RA)

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