The Nifty ended down by 395 points, while the Sensex was down by 1342 points.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, March 11, 2026: Today, the benchmark indices corrected sharply. The Nifty ended down by 395 points, while the Sensex was down by 1342 points. Among sectors, almost all the major sectoral indices registered profit booking at higher levels, but the Auto index lost the most, shedding over 3 percent. Technically, after a muted open, the market slipped below 24,000/77500, and post-breakdown, selling pressure intensified. On daily charts, it has formed a long bearish candle and is also holding a lower top formation, indicating further weakness from the current levels.
For day traders, as long as the market is trading below 24,000/77500, a weak sentiment is likely to continue. On the lower side, the market may retest the level of 23,700/76300. Further downside could continue, dragging the market till 23,600-23,550/76000-75800. On the flip side, above 24,000/77500, a pullback move could extend up to 24,150/78000.
Derivatives Analysis Report
Nifty slips to 10-month low; 24,300 call wall keeps recovery capped
Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities
Nifty index extended its weakness and closed at 23,866.85, down 394.75 points (-1.63%), slipping to its lowest level in nearly 10 months, reflecting persistent selling pressure in the market. The index once again failed to sustain above the 24,000 mark, which has now turned into an immediate resistance zone, while the broader price structure continues to show a lower-high formation, indicating that every bounce is attracting fresh selling interest.
Technically, the index is hovering near its final make-or-break support around 23,800, and a decisive breach below this level could accelerate downside momentum toward 23,500. The index remains below its 10-DEMA, reinforcing the short-term bearish trend, while the RSI continues to trade below 40, highlighting weak momentum despite the index approaching oversold territory. Meanwhile, India VIX stabilizing near 20 reflects cautious sentiment among market participants.
In the derivatives segment, the Put–Call Ratio (PCR) stands near 0.61, signalling a bearish undertone, with significant call open interest seen at the 24,300 strike, establishing a strong resistance zone, while put writers have added positions at the 23,500 strike, marking it as the next important support base.
Overall, unless the index reclaims 24,300, any pullback is likely to be viewed as a sell-on-rise opportunity, particularly amid ongoing geopolitical uncertainty.
Nifty Bank slides to multi-month low as sellers dominate rallies
Nifty Bank index extended its weakness and closed at 55,735.75, down 1,215 points (-2.13%), slipping to its lowest level in nearly four months, reflecting persistent selling pressure across banking stocks. The index once again failed to sustain above the 57,000 mark, which now acts as an immediate resistance, while the broader structure continues to show a lower-high formation, indicating that every bounce is attracting fresh selling interest.
Technically, the index is hovering near a crucial make-or-break support zone around 55,800, and a decisive breach below this level could accelerate downside momentum toward 55,200. The index is also trading below its 200-DEMA, reinforcing the bearish undertone, while RSI remains below 40, signaling weak momentum despite the index approaching oversold territory.
In the derivatives segment, the Put–Call Ratio (PCR) stands near 0.76, reflecting cautious sentiment, with significant call open interest at the 56,000 strike establishing a strong resistance zone, while put writers have added positions at the 55,000 strike, marking it as the next key support base.
Overall, unless the index reclaims 56,500, any pullback is likely to be viewed as a sell-on-rise opportunity, particularly amid ongoing geopolitical uncertainty.
Technical Analysis Report
Nifty extends decline as volatility spikes; 23,700 support under watch
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session at 23,866.85, declining 394.75 points or 1.63%, as the index remained under pressure throughout the session and drifted toward its recent swing low.
Nifty has formed a bearish candle on the daily chart. The index continues to trade below its key moving averages, indicating that the broader trend remains weak.
The RSI is placed near 30, suggesting that the index is approaching the oversold zone, while the DMI setup shows the negative directional line holding above the positive line. The index also remains below the Supertrend indicator, indicating that the broader trend continues to stay under pressure.
On the hourly chart, Nifty attempted a brief recovery earlier but failed to sustain above the 24,250 zone. Immediate resistance is now placed around 24,150–24,100, while the 23,700 zone remains an important support level in the near term.
India VIX rose sharply by 11.41% to settle at 21.06, indicating an increase in market volatility and suggesting that wider price swings may continue in the coming sessions.
Nifty currently appears to be trading in a short-term pattern where one day of recovery is followed by another day of decline.
Nifty Bank ended the session at 55,735.75, declining 1,215 points or 2.13%, as the index wiped out the previous day’s gains and formed a strong bearish candle. The index extended its recent weakness and closed sharply lower. The decline was accompanied by broad-based selling pressure across banking stocks, with both Nifty Private Bank and Nifty PSU Bank indices trading in negative territory during the session.
The index has now slipped below its key moving average ribbon, suggesting that the broader trend has weakened in the near term. The RSI is placed near 28, indicating that the index has entered the oversold zone, while the DMI setup shows the negative directional line remaining above the positive line.
On the hourly chart, Nifty Bank remains under pressure and continues to trade below the Supertrend indicator placed near 56,680, indicating that the short-term trend remains weak. Any recovery toward the 56,200–56,500 zone may face resistance in the near term. On the downside, the 55,000 zone remains the next support level.
Overall, the short-term trend remains under pressure, and the index may continue to witness volatile swings unless it manages to reclaim the 56,600 zone on a closing basis.
