NIFTY OUTLOOK: 23866.85 FII -6267.31 cr DII 4965.53 cr
As discussed yesterday, market behaviour remained on the expected lines during the day, as the hurdle of the opening bearish gap of 9th March 2026 dragged the Nifty down to 23834.3.
A long bearish candle on the daily chart of the Nifty suggests continuation of selling pressure. Hence, if selling intensifies and there is a decisive breakdown below 23767, the Nifty may slip to 23665 to 23566. If further supply accentuates, it may have chances to test 23463.
However, on the upside, 23967 to 24070 may act as immediate resistance for the Nifty. If it breaks above these resistances and sustains, the Nifty may move up to 24168 to 24268.
Bank Nifty OUTLOOK
SPOT: 55735.75 PCR: 0.75 Max CE OI on 61000 & Max PE OI on 59000
On March 11, 2026, the Bank Nifty index closed at 55735.75 (-1215.05) (-2.13%). The total movement in the index was 1306.45 during the trading session. The index made a high of 56938.40 and a low of 55631.95.
Technical View
Important support and resistance levels for Bank Nifty are 55298 and 57100, respectively.
Intraday support and resistance levels are 55376.48 and 56095, respectively.
The Relative Strength Index (RSI) for the Nifty Bank index stands at 28.70. 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 SMAs.
Bank Nifty is trading below all 8 SMAs (5, 10, 20, 30, 50, 100, 150 Day).
No active candlestick pattern was identified in Bank Nifty on the daily chart.
Note:
Reports suggest Israeli PM and Mr. Trump have reached out to Putin for a ceasefire and to end the war. Putin and his Chinese counterpart have also spoken to Iranian authorities. At least efforts have started to end the war. As per the current analysis, Iran may not react positively unless tough negotiations take place and some demands from the Iranian side are met, which appears difficult.
As far as oil and gas are concerned, the Strait of Hormuz has been closed. Three ships were attacked after ignoring warnings, which has triggered crude oil prices to move up again. Overall, the situation remains very tense, but hopefully within a week or so, the concerned parties may begin negotiations.
Important Pivot Point Levels for Today
Nifty
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 23236.40 | 23535.35 | 23701.10 | 24000.05 | 24165.80 | 24464.75 | 24630.50 |
Bank Nifty
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 53959.22 | 54795.58 | 55265.67 | 56102.03 | 56572.12 | 57408.48 | 57878.57 |
By Ashok Bhandari (RA)
SEBI Regd. No. INH00019549
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