The Nifty ended down by 2.9 percent, while the Sensex was down by 2370 points.
Amol Athawale,
VP Technical Research,
Kotak Securities
Mumbai, March 5, 2026: In the last week, the benchmark indices corrected sharply. The Nifty ended down by 2.9 percent, while the Sensex was down by 2370 points. Among sectors, PSU Banks and India Tourism indices lost the most; PSU Banks shed 6.5 percent, and the India Tourism index was down 5.88 percent, whereas the Defence index was up by 4.85 percent. During the week, the market slipped below the 25,000/81000 mark, and post-breakdown, selling pressure intensified. Currently, the market is trading well below short-term and medium-term averages and is also forming a lower top on daily charts. In addition, a bearish candle on weekly charts also indicating further weakness from the current levels. We are of the view that the short-term market texture is volatile; hence, level-based trading would be an ideal strategy for traders.
On the downside, 24,300/78800 would act as an immediate support zone for traders. Below 24,300/78800, the market could retest levels of 24,000/77900. Further downside may also continue, which could drag the index to 23,900/77500. On the flip side, 24,500/79500 would be the immediate resistance zone for traders. If the market succeeds in trading above 24,500/79500, then the pullback move could continue till 24,800-24,850/80400-80600.
For Bank Nifty, the 200-day SMA (Simple Moving Average) or 57,500 would act as a strong support zone for traders. Below 57,500, the chances of hitting 56,800-56,500 would increase. On the other side, 58,300 would act as an immediate resistance level. Above this, the bounce-back could extend up to 59,000-59,300.
