Stock Market Technical Analysis | 9 to 13 Mar 2026 Weekly Wrap

Markets witnessed sharp correction with rising volatility and heavy FII selling. Key support zones and derivative cues now become critical for next move.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded with negative bias in the previous week before closing with 5.31% cut at 23151 level. Banking Index underperformed the
  benchmark index as it closed with 6.97% cut at 53758 level.
• Among the Nifty constituents, COALINDIA and WIPRO outperformed the benchmark index as they closed with 6.03% and 1.12% gains while LT and
  M&M underperformed as they closed with 12.93% and 12.05% cut respectively. Among the Bank Nifty constituents ICICIBANK performed better
  than the benchmark index as it closed with 4.46% cut while INDUSINDBK underperformed the benchmark index as it closed with 11.27% cut.
• Among sectors, NIFTYPHARMA index performed better than the benchmark index during the previous week as it closed with 0.60% cut while NIFTYAUTO
  index underperformed as it closed with 10.64% cut. Broader market performed better than the benchmark index as both MIDCAP index and SMALLCAP index closed with 4.59% and 3.66% cut respectively.
• Volatility index (India VIX) closed with 13.88% gain at 22.65 level.
• FII were net sellers as they sold stocks worth Rs 35,052 Cr while DII were net buyers as they bought stocks worth Rs 37,740 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 1.99 % and 0.47 % cut
  respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 25000 call and 22000 put with max OI at 25000 call and 21500 put side (17th Mar expiry). Nifty
  cumulative PCR closed at 0.75 for Mar 13.
• Derivatives data for Bank-nifty suggest max OI addition at 55000 call and 52500 put with max OI at 61000 call and 59000 put side (30th Mar expiry).
• Bank-nifty cumulative PCR closed at 0.76 for Mar 13.

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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

INDEX	CLOSE	9 DAYS	21 DAYS	50 DAYS	100 DAYS	200 DAYS
NIFTY	23151.1	24103	24688	25174	25339	25154
BANK NIFTY	53757.85	56654	58274	49029	58689	57339
FINNIFTY	25138.65	26318	27008	27350	27300	26799

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 in the coming week
• Benchmark Index has support at 22,700–22,500 level and resistance at 23,600–23,800 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 52,500-52,000 and resistance at 55,000 -55,500 level

FINNIFTY (WEEKLY)

• FINNIFTY index performed better than the banking index however, it also 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 24,600-24,400 level and resistance at 25,650-25,900 level.

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Market FAQs – Weekly Summary

1. Why did Nifty fall sharply this week?

The decline was driven by heavy FII selling, weak global cues, and rising volatility indicated by higher India VIX.

2. What are key levels to watch for Nifty?

Immediate resistance is near 25000, while support is seen around 22000–21500 based on derivatives data.

3. Which sectors showed strength?

Pharma sector outperformed the broader market, showing relative resilience.

4. Is this a good time to invest?

Markets remain volatile; investors should wait for stability and confirmation before fresh entries.

5. What does PCR indicate currently?

PCR at 0.75 suggests cautious sentiment with bearish bias in the market.

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