Market Recap

The market snapped a two-day losing streak, bouncing back with a nearly 1% rally after oil prices fell below $100 a barrel and the cooling VIX improved sentiment. However, the broader trend remains weak.

Nifty 50

• The Nifty 50 soared 234 points (0.97%) to 24,262 on March 10, with the Bank Nifty rallying 931 points (1.66%) to 56,951.
• Strong market breadth was observed, with 2,351 shares seeing buying interest compared to 587 shares dominated by bears on the National Stock Exchange.

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Strategy

Ashish Kyal, Waves Strategy Advisors

• A follow-up rally is needed in the upcoming sessions toward the immediate hurdle of 24,400-24,500, followed by the 24,850-25,000 zone.
• Consolidation with range-bound trading may be seen, with immediate support at 24,000, followed by 23,700.

Aditya Thukral, AT Research & Risk Managers

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• The index took support around 23,600-23,870 and has shown a positive island reversal pattern.
• Further confirmation of stability and a dip in volatility requires the Nifty 50 to stay and close above 24,420 for at least a couple of days.
• Expect the index to trade within the range of 24,000-24,420.

Preeti K Chabra, Trade Delta

• The broader trend remains weak as the index continues to trade below the 20-day SMA (25,278) and 40-day EMA (25,315).
• Immediate support is placed near 24,058, followed by 23,697.

Key Resistance and Support

Nifty 50

• Key Resistance: 24,820, 24,420, 24,570
• Key Support: 23,690, 24,120, 23,870

Bank Nifty

• The Bank Nifty is required to climb further and sustain above 57,500 (200 DMA) for a move toward 58,000.
• Support is placed at the 56,400-56,300 zone.