Nifty 50 began today’s session with a gap-down at 23,675 compared to yesterday’s close of 23,867. It is now trading at 23,630, down 1 per cent.

The advance/decline ratio stands at 7/43, showing a bearish bias. NTPC and Coal India, up 0.9 per cent each, are the top gainers. On the other hand, Mahindra & Mahindra (down 3.4 per cent) and Eternal (Zomato) (down 3 per cent) are the top losers.

Except Nifty Oil & Gas (up 0.35 per cent), all other sectoral indices are in the red. Nifty Auto (down 2.7 per cent) and Nifty Metal (down 1.7 per cent) are the top losers so far today.

Nifty 50 futures

The March expiry Nifty futures opened today’s session lower at 23,720 versus yesterday’s close of 23,939. It is now trading at 23,700, down 1 per cent.

Nifty futures has been facing tremendous selling pressure since yesterday and every attempt of a recovery is faced with fresh sellers coming in and dragging it lower.

From the current level, the contract is likely to decline to 23,500. A breach of this can take the contract further lower to 23,200.

On the other hand, if there is a recovery, there is a resistance at 23,800. Only a breakout of this can result in a relief rally. Even in that case, the upside can be limited as there are resistance levels at 23,900 and 24,000.

Overall, bears are now holding a tight grip and further drop is highly likely.

Trading strategy

Short Nifty futures (March) at 23,700. Target and stop-loss can be 23,500 and 23,800 respectively.

But in case the above stop-loss is hit, it could be an indication of a trend reversal for today. So, you can go long with a stop-loss at 23,700 for a target of 24,000.

Supports: 23,500 and 23,200

Resistance: 23,800 and 24,000

Published on March 12, 2026