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HomeMarket NewsTrade Setup for March 11: Nifty finds a hurdle at 24,300 even as oil remains the joker in the pack
Building on Monday’s sharp intraday recovery, the Nifty extended its pullback amid strong global cues, reclaiming over 500 points from Monday’s low of 23,697.
By Meghna Sen March 10, 2026, 7:05:06 PM IST (Published)
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After two days of sharp declines, the Nifty staged a strong rebound, closing higher by 233 points or 0.97% at 24,261. The index opened with an upside gap of 250 points, driven by positive global cues and plunging crude prices, but profit-booking triggered a 200-point pullback from the intraday high of 24,303 within the first hour.
Post 10 am, however, the index clawed back over 200 points to settle near the day’s high.
Shriram Finance, Eicher Motors and Tata Motors Passenger Vehicles were among the top Nifty gainers, while Infosys, Eternal and Reliance Industries faced selling pressure and were the key laggards.
Barring Nifty IT and Oil & Gas, all sectoral indices closed in the green, with Auto, Consumer Durables and PSU Banks posting the strongest gains.
Broader markets significantly outperformed the benchmarks. The Nifty Midcap 100 climbed 1.62%, while the Nifty Smallcap 100 surged over 2%.
Building on Monday’s sharp intraday recovery, the Nifty extended its pullback amid strong global cues, reclaiming over 500 points from Monday’s low of 23,697. However, the short-term trend remains weak, with the index still trading below key moving averages.
Going ahead, markets are likely to remain sensitive to developments in West Asia and movements in crude prices, while global macro cues will continue to guide overall risk sentiment.
Nandish Shah of HDFC Securities said immediate resistance on the upside is placed in the 24,300-24,415 band, while 24,000 is likely to act as immediate support.
LKP Securities’ Rupak De said the Nifty staged a decent recovery and ended the day with gains after a volatile session. However, the index appears to be approaching a resistance zone, and the 24,300-24,350 range could be an area where sellers may look to re-enter the market.
He added that the sell-on-rise scenario is likely to persist. On the downside, immediate support is placed at 24,150, and a break below this level could trigger renewed selling pressure. If the index slips below 24,150, it may decline further towards 23,800.
According to Nagaraj Shetti of HDFC Securities, the short-term trend for the Nifty has turned positive, but the medium-term outlook remains choppy with a weak bias. Shetti added that there is a higher possibility of the market facing resistance near crucial levels in the next few sessions.
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