Daily Morning Report – 09/03/26

NIFTY OUTLOOK: 24450.45 | FII: Rs. -6030.38 cr. | DII: Rs. 6971.51 cr.
(9th – 13th March 2026)

As discussed in the previous report dated 2nd March 2026, market behaviour remained on expected lines during the past week as Nifty continued its southward journey and made a weekly low of 24305.40.

A bearish candle with an upper wick appeared on the weekly chart of Nifty, suggesting rising selling pressure on every upward move. Hence, if selling continues and Nifty decisively breaks down below 24281, it may slip towards 24113 to 23945. If supply intensifies further, it may have chances to test 23777.

However, on the upside, 24620 to 24787 may act as immediate resistance for Nifty. A break-through above these resistances with sustained momentum may push the index towards 24955 to 25125.

Bank Nifty OUTLOOK:

SPOT: 57783.25 | PCR: 0.79 | Max CE OI on 61000 | Max PE OI on 59000

On March 6, 2026, the Bank Nifty index closed at 57783.25, down 1272.60 points (-2.15%). The index witnessed significant volatility during the session.

Technical View:

Important support and resistance levels for Bank Nifty are 56400 and 58300, respectively.

Intraday support and resistance are placed at 57480 and 58088.

The Relative Strength Index (RSI) for the Nifty Bank index stands at 31.90. Below 30 is considered oversold, while above 70 is considered overbought.

Bank nifty Day SMA Analysis

Bank nifty is trading above 1 out of 8 SMA’s (200 Day).

Bank nifty is trading below 7 out of 8 SMA’s (5, 10, 20, 30, 50, 100,150  Day).

Two Active 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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