Stock Market Technical Analysis | 2 to 6 Mar 2026 Weekly Wrap

Benchmark index declined 2.89% to 24450 while Bank Nifty dropped 4.54% to 57783. BEL and Hindalco outperformed, whereas Indigo and Tata Motors lagged. Defence sector gained 4.89% while PSU Banks fell 6.48%. India VIX surged 45.18%. FIIs sold ₹21,831 Cr while DIIs bought ₹32,787 Cr.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded with negative bias in the previous week before closing with 2.89% cut at 24450 level. Banking Index underperformed the benchmark index as it closed with 4.54% cut at 57783 level.
• Among the Nifty constituents, BEL and HINDALCO outperformed the benchmark index as they closed with 5.34% and 3.70% gains while INDIGO and TMPV underperformed as they closed with 8.76% and 8.34% cut respectively. Among the Bank Nifty constituents AUBANK outperformed the benchmark index as it closed with 0.62% gain while BANKBARODA underperformed the benchmark index as it closed with 8.26% cut.
• Among sectors, NIFTYDEFENCE index outperformed the benchmark index during the previous week as it closed with 4.89% gain while NIFTYPSUBANK index underperformed as it closed with 6.48% cut. Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.91% and 2.54% cut respectively.
• Volatility index (India VIX) closed with 45.18% gain at 19.89 level.
• FII were net sellers as they sold stocks worth Rs 21,831 Cr while DII were net buyers as they bought stocks worth Rs 32,787 Cr during the previous week in the cash segment.
• Globally, equity markets traded with negative bias as both US market (DJIA) and European market (STOXX 600) closed with 3.01% and 5.55% cut respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 26000 call and 23300 put with max OI at 26000 call and 22750 put side (10th Mar expiry). Nifty cumulative PCR closed at 0.84 for Mar 06.
• Derivatives data for Bank-nifty suggest max OI addition at 60000 call and 53000 put with max OI at 62000 call and 59000 put side (30th Mar expiry). Bank-nifty cumulative PCR closed at 0.82 for Mar 06.

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Performance:

Indices

Source: NSE

Sector Gainers/Losers

Source: NSE

FII / DII ACTIVITY (WEEKLY)

Source: NSE

SUPPORT/RESISTANCE LEVEL FOR UPCOMING WEEK

Source: NSE

DAILY EXPONENTIAL MOVING AVERAGE

Source: NSE

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

• Benchmark index traded with negative bias in the previous week and closed with bearish candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile because of geopolitical tensions, in the coming week
• Benchmark Index has support at 23,800–23,500 level and resistance at 25,000–25,200 level

BANKNIFTY (WEEKLY)

• Banking index underperformed the benchmark and closed with bearish candlestick formation on the weekly chart
• Banking index is likely to trade in line with the Benchmark index in the coming week
• Banking index has support at 56,200-55,500 and resistance at 59,000-59,500 level

FINNIFTY (WEEKLY)

• FINNIFTY index performed in line the banking index and closed with bearish candlestick formation on the weekly chart
• FINNIFTY is likely to trade in line with the banking index in the coming week
• FINNIFTY has support at 26,000-25,600 level and resistance at 27,200-27,500 level

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Market FAQs – Weekly Summary

Why did the Nifty fall last week?

Nifty declined due to global market weakness, heavy FII selling, and rising volatility indicated by the sharp surge in India VIX.

Which sectors performed best last week?

The Nifty Defence index outperformed with a 4.89% gain, while PSU Banks were the worst performers.

What does derivatives data indicate for Nifty?

Maximum open interest is seen at 26000 Call and 22750 Put, indicating a broad trading range for the upcoming expiry.

What is the current sentiment in Bank Nifty?

Bank Nifty shows weaker sentiment with maximum OI at 62000 Call and 59000 Put, suggesting resistance at higher levels.

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