StockEdge Morning Market Report | Tuesday, 10 March 2026

Nifty 50 closed at 24,028 — down 422 points (-1.73%). The index opened with a massive gap-down at 23,868 — touching the day's low — but recovered 160 points from there as crude oil prices softened from their intraday highs towards the close. Lot of stocks and sector indices made a hammer candle- which does signify a recovery.

The real question is Will the Recovery – Pullback sustain?

Banking stocks on expected lines led the damage — PSU Banks were the worst hit, down 4%.

India VIX surged further, hitting a high of 24.17 during the session — up over 40% in a single week — a level that signals genuine market fear, not just nervousness.

FII continued to sell around sold ₹6345 Cr.
International markets - The mood has shifted overnight. US markets rallied — Dow up 246 points, Nasdaq gained 308 points, S&P 500 up 0.85% — after Trump suggested the Iran war could be nearing completion, easing the most acute geopolitical fear.

GIFT Nifty is trading at 24,368 — up 353 points (+1.47%) — signalling a strong gap-up opening today. Gold is consolidating around $5,139/oz. Crude oil has pulled back sharply from its $120 highs to 85 levels.

Nifty
Yesterday's session told an important story — the index touched 23,800 at the opening and intraday, found buyers, and recovered 160 points to close at 24,028. The oversold conditions are extreme — RSI is sitting well below 30 — and a Trump ceasefire signal overnight adds a genuine positive trigger. However, one should not get carried away. The chart structure remains in a "Down Theory Sell" mode. 24,300 is the first real test on the way up — a sustained trade above that level would indicate that the panic low may be in. 25200 is where the 200 DMA lies. Until proven otherwise, treat any rally as a counter-trend move within a broader downtrend. It’s a Sell on Rise Market currently.

Bank Nifty

Bank Nifty closed at 56,019 — down 3.05% — the steepest single-session fall among major indices. PSU Banks bore the maximum brunt. The index has now lost over 6% in two sessions alone and is in deeply oversold territory. The index closed below the 200 EMA for the 1st time since April 2025. RSI hits a new fresh low. The trend is damaged and rallies should find supply.

57,700 is the gap fill level. We may see pullback based on the global and macro cues but overall structure is still weak.

Conclusion

Yesterday's intraday recovery from 23,868 and Trump's comments about the war ending soon have changed the morning tone completely — from panic to cautious optimism. The gap-up opening is justified but the key question is whether the market can hold and build on it.
Watch how 24,300 behaves — that is the first confirmation level. If it holds, the panic low of 23,868 could well mark a temporary pause. Remain stock-specific, avoid chasing the gap-up aggressively, — that remains the single biggest variable for markets this week.

For more market insights and analysis, visit https://sedg.in/3btdq6gx