The benchmark indices corrected sharply on Wednesday
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, March 4, 2026: Today, the benchmark indices corrected sharply. After a sharp decline, the Nifty ended 385 points lower, while the Sensex was down by 1123 points. Among sectors, almost all the major sectoral indices closed in the negative territory, but the Metal Index lost the most, shedding over 4 percent. Technically, after a gap-down open, the market hovered between the 24,300/78500 to 24,600/79500 range.
We are of the view that the short-term outlook is weak but oversold. For traders, 24,300/78500 would act as a key support zone. If the market sustains above this level, the immediate resistance would be at 24,600/79500. Above 24,600/79500, it could move up to 24,800-25,000/80000-80500. Conversely, a decline below 24,300/78500 could change the sentiment. Below this, the market could slip to 24,100-24,000/78000-77800. The current market texture is extremely volatile and is expected to remain volatile in the near future.
