Markets Daily By Bajaj Broking: Markets Rebound Globally; Nifty Tests Key Support Zone
By Bajaj Broking Team
March 06, 2026
3 mins read
Market News
Synopsis:
Global markets rebounded as oil prices eased and U.S. yields declined. Asian markets gained and Gift Nifty signals a positive start. Nifty holds key support near 23,700–24,000, while volatility remains high amid geopolitical tensions, rising crude prices, and bearish derivative positioning.
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Global markets started the week on a positive note as easing oil prices and declining U.S. Treasury yields improved investor sentiment. While concerns around inflation and geopolitical tensions initially weighed on markets, risk appetite recovered later in the session, helping equities close higher.
Wall Street Ends Higher After Volatile Session
U.S. equity markets ended Monday’s session in the green after a volatile start. Earlier in the day, both stocks and bond prices came under pressure as a sharp rise in oil prices sparked concerns about rising global inflation and the possibility of further interest rate hikes by central banks.
However, sentiment improved after the United States and other G7 nations considered releasing strategic petroleum reserves to reduce the inflationary impact of rising energy prices. Comments from former U.S. President Donald Trump suggesting that the conflict with Iran could conclude faster than expected also supported market sentiment.
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By the close, major U.S. indices had recovered from early losses:
The Dow Jones Industrial Average rose 0.6%
The S&P 500 gained 0.8%
The Nasdaq Composite advanced 1.3%
The rebound highlights how quickly investor sentiment can shift in response to developments in geopolitical and energy markets.
Movement in Other Asset Classes
Several key asset classes also witnessed notable movements during the session.
The U.S. Dollar Index (DXY) declined 0.4% to 98.81, reflecting a softer dollar environment.
Crude oil prices eased after the earlier surge:
U.S. crude fell 5.32% to around $86 per barrel
Brent crude declined 2.65% to approximately $90 per barrel
Precious metals were largely stable. Spot gold remained nearly unchanged at $5,140.55 per ounce, while silver traded close to $88 per ounce.
In the bond market, U.S. Treasury yields also declined:
The 2-year yield edged down to 3.552%
The 10-year benchmark yield slipped to 4.102%
Lower yields typically support equity markets as borrowing costs ease and risk assets become more attractive.
Asian Markets Rally
Asian equities traded higher on Tuesday following the recovery in U.S. markets and a drop in oil prices. Investor sentiment improved after the previous session’s volatility, boosting demand for risk assets across the region.
Japan’s Nikkei 225 Index surged 3.6%, while South Korea’s KOSPI jumped 6.4%. The sharp rise in Korean equities prompted the Korea Exchange to temporarily halt program trading for five minutes after futures advanced more than five percent, triggering a sidecar mechanism.
The rally in Asian markets reflects improving sentiment after investors reassessed geopolitical risks and energy price pressures.
Gift Nifty Signals Positive Opening
Gift Nifty is indicating a positive start for Indian equities. Based on current trends, the Nifty is expected to trade within the range of 23,800 to 24,400 during today’s session.
However, global cues, energy prices, and geopolitical developments are likely to keep volatility elevated in the near term.
Indian Market Recap
Indian benchmark indices ended lower in the previous session, extending their decline for the second consecutive day.
Despite the overall weakness, the Nifty managed to recover nearly 350 points from its intraday low, suggesting buying interest at lower levels. Weak global cues and the Indian rupee hitting a new low weighed on investor sentiment during the session.
At the close:
The Sensex declined 1,352.74 points, or 1.71%, to 77,566.16
The Nifty fell 422.40 points, or 1.73%, to 24,028.05
Broader markets also faced selling pressure. The Nifty Midcap and Smallcap indices dropped around 2% each.
Sectorally, the decline was broad-based. Key sectors including Auto, Capital Goods, Metals, PSU Banks, Oil & Gas, and Private Banks recorded losses ranging between 2% and 4%.
Nifty Technical Outlook
From a technical perspective, the Nifty formed a bullish candle with a lower high and lower low during the previous session. The pattern indicates a partial pullback following the sharp gap-down opening.
The index also has a bearish gap overhead in the 24,415–24,078 zone, which may act as a resistance area in the near term.
Importantly, buying interest emerged near the 100-week Exponential Moving Average (EMA), which has historically served as a strong support level for the index.
Key Support Zone
In Monday’s session, the Nifty tested the 23,700–24,000 support zone before rebounding. This zone is technically significant because it represents the convergence of two major factors:
The 100-week EMA
A long-term trendline connecting the lows of calendar years 2023 and 2025
Such confluence levels often act as strong support areas where buyers step in.
Near-Term Outlook
If the Nifty sustains above the 23,700 support level, the index could witness a pullback toward the 24,400–24,500 zone in the coming sessions. Oversold readings in daily momentum indicators also support the possibility of a short-term bounce.
However, if the index fails to hold above 23,700, the decline could extend further toward the 23,300–23,200 levels over the coming week.
Given the current geopolitical environment and volatility in global markets, traders may remain cautious in the near term.
Intraday Levels to Watch
Nifty
Resistance: 24,300 | 24,410
Support: 23,950 | 23,810
Bank Nifty
Resistance: 56,710 | 56,980
Support: 55,930 | 55,600
Stay tuned with Bajaj Broking for more market insights and daily updates.
Markets Rebound Globally; Nifty Tests Key Support Zone
Published Date :
06 Mar 2026
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Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited
This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing.
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