Daily Morning Report – 10/03/26

NIFTY OUTLOOK: 24028.05 FII -6345.57 cr DII 9013.80 cr

As discussed yesterday, market behaviour remained on expected lines during the day, as continued selling pressure dragged the Nifty down to an extreme low of 23697.8.

A bullish candle with a lower wick and the daily RSI in the oversold territory suggest a bounce for the Nifty, which may encounter resistance around 24130 to 24233. If it breaks above these resistances and sustains, the Nifty may move up to 24335 to 24437.

On the downside, 23925 to 23823 may act as immediate support for the Nifty. If it breaks below these supports and sustains, the Nifty may drift down to 23720 to 23618.

Bank Nifty OUTLOOK:

SPOT: 56019.80 PCR: 0.79 Max CE OI on 61000 & Max PE OI on 59000

On March 09, 2026, the Bank Nifty index closed at 57783.25 (-1763.45) (-3.05%). The total movement in the index was 1003.55 during the trading session. The index made a high of 56274.15 and a low of 55270.60.

Technical View:

Important support and resistance levels for Bank Nifty are 55300 and 56400, respectively.

Intraday support and resistance levels are 55740 and 56570, respectively.

The Relative Strength Index (RSI) for the Nifty Bank index stands at 24.90. Below 30 is considered oversold, while above 70 is considered 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.

Important Pivot Point Levels for Today:

Nifty:

Bank Nifty:

By Ashok Bhandari (RA)

SEBI Regd. No. INH00019549