Banking sector participation also remained weak. Nifty PSU Bank declined 3.97%, while Nifty Private Bank fell 2.78%, reflecting broad-based selling across banking stocks.
Om Mehra,
Technical Research Analyst,
SAMCO Securities
Mumbai, March 9, 2026: Nifty ended the session at 24,028.05, declining 1.73%. The index opened on a weak note and declined toward 23,697.80 in early trade, but later recovered and rebounded toward 24,078 during the session. However, the rebound lacked strong follow-through.
The index continues to reflect pressure after the recent breakdown. It has also slipped below the 1.272 Fibonacci extension level placed near 24,090, indicating that the ongoing corrective phase is expected to extend beyond earlier support levels. The next Fibonacci projection is placed near 23,500 (1.618 extension), which may emerge as the next important cushion if weakness continues.
The MACD remains deep in negative territory, while the RSI has slipped near 29, indicating that the index is approaching the oversold zone.
India VIX surged 17.52% to settle at 23.36, highlighting rising nervousness in the market and suggesting wider price swings in the near term.
The 24,100 level becomes the first resistance. Any recovery toward 24,300–24,400 may attempt to fill the nearby gap.
On the downside, the zone around 23,700–23,500 remains the next important support if the decline continues.
At present, domestic markets are largely mirroring the weakness seen across global indices, which remain in a corrective phase and continue to weigh on sentiment.
Nifty Bank ended the session at 56,019.80, declining 3.05%, extending the recent weakness and closing near the lower end of the day’s range. This marks one of the weakest closes for Nifty Bank in recent months.
On the daily chart, Nifty Bank has formed a large bearish candle, indicating persistent pressure after the recent breakdown from the earlier range. The index has now fallen well below the previous swing low, confirming that the corrective phase has deepened.
The index has also slipped below the 1.272 Fibonacci level placed near 56,700.
The next Fibonacci extension placed near 55,400 now becomes an important level. The index is also trading below all key moving averages, reflecting sustained pressure in the broader trend.
The RSI has slipped near 25, indicating that the index has entered a deeply oversold zone after the recent decline.
Banking sector participation also remained weak. Nifty PSU Bank declined 3.97%, while Nifty Private Bank fell 2.78%, reflecting broad-based selling across banking stocks.
