Daily Moring Report – 05/03/26

NIFTY OUTLOOK: 24480.50 | FII: Rs. -8752.65 cr. | DII: Rs. 12068.17 cr.

As discussed yesterday, market behaviour remained on expected lines during the day, as continued bearish sentiment dragged Nifty sharply down to 24305.40.

A bullish spinning top candle appeared on the daily chart of Nifty, suggesting indecision about the index’s direction. However, this candle after a prolonged decline indicates diminishing selling pressure and warns of a possible change or interruption in the bearish trend. The daily RSI also shows positive divergence. These factors may favour bulls and could push Nifty towards 24658–24747 on a decisive breakout above 24570. If buying demand strengthens further, it may test 24836.

However, if bears take control, a decisive breakdown below 24391 may drag Nifty to 24303–24214. If selling pressure intensifies, it may test 24125.

Bank Nifty OUTLOOK:
Spot: 58755.25 | PCR: 0.90 | Max CE OI: 61000 | Max PE OI: 59000

On March 4, 2026, Bank Nifty closed at 58755.25, down 1084.40 points (-1.81%). The total movement during the session was 664.85 points, with a high of 59058.40 and a low of 58393.55.

Technical View

Iportant support and resistance levels are 58200 and 59500, respectively.

Intraday support and resistance are placed at 58572 and 58938.

The RSI for the Nifty Bank index stands at 36.1. Below 30 is considered oversold, and above 70 overbought.

Bank nifty Day SMA Analysis

Bank nifty is trading above 2 out of 8 SMA’s (150, 200 Day).

Bank nifty is trading below 6 out of 8 SMA’s (5, 10, 20, 30, 50, 100 Day).

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

Important Pivot Point Levels for Today 

Nifty:

Bank Nifty:

By Ashok Bhandari (RA)

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