Daily Morning Report – 24/03/26

NIFTY OUTLOOK: 22512.65 FII -10414.23 cr    DII 12033.97 cr

As discussed yesterday market behaviour remained on the expected lines during the day, as selling pressure on nifty drift it down upto 22471.25

Further a opening bearish gap candle on daily chart of nifty suggest selling pressure for nifty and this southward journey may find support around 22396 to 22279. If failed to defend these supports then it may slip further upto 22163 to 22046.

Furthermore there is no sign of reversal yet but daily and weekly RSI reached to oversold territory may attract bounce upto 22630 to 22745. If break-through above these resistances and sustain may push the nifty upto 22863 to 22980.

Bank Nifty OUTLOOK:   

SPOT:  51437.75 Pcr: 0.73 Max Ce OI on 61000 & Max Pe OI on 59000

On March 23, 2026, a Bank Nifty index was closed at 51437.75 (-1989.30) (-3.72%). The total movement in the index was 1341.70 during the trading session.  The index made a high of 52665.30 and a low of 51323.60.

Technical view                                        

Important support and resistance level of Bank nifty are 51100 and 52800 respectively.  

Intraday Support and resistance of Bank nifty are 51069 and 51807 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 23.5. 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 @ 99.18 .

2.Vix is @ 26.15 ( -2.35%).

3.Crude is @ 91.52.

Note: Mr. Unpredictable posted last night to halt strikes on Irans power infrastructure after Iran wared of retaliation on Water salination plants , nuclear facilities & power plant of entire region . Trump posted talks with Iranian are going on which was denied by Iranian side.

Strikes again started with hours of claims of talks with Iran was posted. All commodities as well as securities market reacted on the post (equities when up & oil & gas got a beating). Its high volatile market stay away from market don’t go for bottom fishing.

Important Pivot Point Levels for Today                                                                                                                          

Nifty

Bank Nifty

By Ashok Bhandari (RA)

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