Auto and PSU Bank indices lost the most, shedding nearly 4 percent.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, March 9, 2026:Today, the benchmark indices corrected sharply. The Nifty ended 422 points lower, while the Sensex was down by 1353 points. Among sectors, almost all the major sectoral indices witnessed profit booking at higher levels, but the Auto and PSU Bank indices lost the most, shedding nearly 4 percent.
Technically, on the backdrop of weak global sentiment, our market opened with a gap down of over 500/2400 points. However, in the second half, it trimmed some losses. On daily and intraday charts, the market is holding a lower top formation, which indicates further weakness from the current levels
We are of the view that the current market texture is weak but oversold. For day traders, 24,000-23,900/77500-77200 would act as key support zones. Above this, we could see an extension of the pullback move till 24,150-24,300/78000-78200. On the flip side, below 23,900/77200, the selling pressure is likely to accelerate. If the market falls below this level, it could retest 23,700/76500. Further downside may also continue, potentially dragging the index to 23,500/76000.
