Nifty Hovers Near 24,322 as Global Cues Keep Markets Cautious

Indian equities began Wednesday, March 11, 2026 with little change, despite weak global signals. The Nifty slipped 29.75 points at the open to 24,231.85. The BSE Sensex added 32.93 points to start at 78,238.91. Traders tracked cautious cues from GIFT Nifty, while monitoring crude oil swings.

Market attention stayed on global risk mood and oil-led volatility through the early trade. The flat start followed a mixed pre-open setup, with investors weighing near-term support levels and potential rebounds. Technical indicators also remained in focus, as both headline indices tried to stabilise after a recent decline.

"On the daily chart, Nifty rebounded after testing the lower Bollinger Band placed near 24,126, which acted as an immediate cushion during the recent decline. The index is now approaching the 0.236 Fibonacci retracement level near 24,322, which is emerging as the first hurdle. A sustained move above this level may allow the index to extend the recovery toward the 24,400-24,450 region, where earlier support is now likely to act as resistance," said Om Mehra, Technical Research Analyst, SAMCO Securities.

"The index continued to trade below all its key moving averages. The RSI is placed near 34, indicating that the index is recovering from the oversold zone, while the MACD remains in negative territory, reflecting that the broader corrective tone has not completely faded. On the hourly chart, the 24,430 zone is acting as, an immediate resistance level. A sustained move above this level may lead to further recovery toward 24,600, while on the downside, 24,100-24,000 remains an important support area for the near term," he added.

"On the daily chart, Nifty Bank has formed a bullish candle and has rebounded from the lower Bollinger Band. The index is now approaching the 200-day moving average placed around the 57,500 zone. A sustained move above this level may allow the recovery to extend higher in the near term. The index continues to trade below its key moving averages, indicating that the broader trend remains under pressure," Om Mehra commented.

"The RSI is placed near 33, suggesting that the index is recovering from the oversold zone. The DMI setup shows the negative directional line holding above the positive line, indicating that the broader corrective phase is still intact. On the hourly chart, the 57,500 level is acting as an immediate resistance area. Further up, 57,700 remains a key resistance, while 56,400 will be an important level to watch on the downside in the coming sessions," the analyst further added.

Nifty stocks to buy today: 5-day ideas

Anand James, Chief Market Strategist, Geojit Investments Limited, suggested two trades for a 5-trading-day holding period. The ideas included defined targets and stoploss levels. Both calls were based on reversal signals on the charts, according to the recommendation note.

Stock	Target	Stoploss	Setup
Healthcare Global Enterprises	587 - 600	564	Reversal pattern
Bombay Dyeing and Mfg Co Ltd	110 - 115	103.5	Reversal candle

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Early moves in the Sensex and Nifty stayed muted as traders balanced global cues with oil price swings. Chart watchers tracked Nifty levels near 24,322 and 24,430, while keeping support at 24,100-24,000 in view. In banking stocks, attention remained on 57,500 and 56,400, alongside the two short-term stock ideas.