Sensex, Nifty levels to watch on Tuesday: Is it time to buy stocks?
Shrikant Chouhan, Head Equity Research at Kotak Securities said the market is holding a lower-top formation on the technical chart, which indicates further weakness from the current levels.
- Mar 9, 2026,
- Updated Mar 9, 2026 5:12 PM IST
Benchmark stock indices the NSE Nifty and the BSE Sensex cut losses on Monday, as crude oil prices eased $14 a barrel from day's high, as G7 finance ministers reportedly discussed the possible release of emergency oil reserves, in response to surging oil prices. After hitting a high of $119.46 a barrel level earlier in the day, Brent May futures eased and were trading at $105.35 by 3.45 pm IST, still up 13.66 per cent. This helped Sensex cut losses and decline 1,352.74 points or 1.71 per cent, to settle at 77,566.16. Nifty ended the day at 24,028.05, down 422.40 points or 1.73 per cent.
A mild rebound in the final hour helped trim some of the losses, said Ajit Mishra – SVP for Research at Religare Broking. The recovery, said Siddhartha Khemka, Head of Research for Wealth Management at Motilal Oswal Financial Services, was largely driven by selective buying in beaten-down large-caps and additionally, crude oil prices eased slightly from their early spike, which helped calm panic selling.
"Going ahead, markets will closely monitor developments in West Asia and their potential impact on global energy supplies and crude oil prices, as uncertainty around the duration and intensity of the conflict is likely to keep investor sentiment cautious in the near term," Khemka said.
Selling earlier in the day intensified as the West Asia conflict entered its second week with no signs of de-escalation, said Vinod Nair, Head of Research at Geojit Investments. The sustained rise in crude prices is likely to complicate the RBI’s policy outlook by keeping inflation elevated and posing risks to growth, he said.
"Additional concerns in the US about potential caps on redemptions in specific funds also contributed to the sell-off. Despite this, the current phase may offer opportunities for long-term investors. Selective value buying in pharma and IT helped limit deeper losses and indicated a defensive stance amid a weakening rupee in the short term," Nair said.
Has market bottomed?
Deepak Shenoy, CEO at Capitalmind Mutual Fund, called the ongoing selloff in the stock market a “man-made disaster” and said it could be a good opportunity to buy quality names. While he felt it is difficult to call a bottom as key indices are quoting just 10 per cent below their record levels, the market veteran said diversification may help cushion the magnitude of the fall.
"It's too early to say it's over, since we are just about 10% below all time highs on the Nifty 500 and we have seen more. But the 10% drop is usually a good point to start looking at measured allocations going forward. A lot of cash has been on the sidelines, and if you have a 3+ year view, it does make sense to consider allocating cash," he said.
"From a corporate earnings perspective, the medium-term outlook for India remains constructive. Balance sheets across corporate India are relatively healthy, the private capex cycle is gradually reviving, and earnings growth is expected to improve over the next few years, supported by domestic demand and policy continuity," said Sachin Sawrikar Managing Partner Artha Bharat Investment Managers IFSC.
Sawrikar said while geopolitical shocks may drive near-term volatility, India’s structural growth drivers remain intact.
Sensex, Nifty outlook
Shrikant Chouhan, Head Equity Research at Kotak Securities said the market is holding a lower-top formation on the technical chart, which indicates further weakness from the current levels.
Chouhan said the current market texture is weak but oversold.
"For day traders, 24,000-23,900 on Nifty and 77,500-77,200 on Sensex would act as key support zones. Above this, we could see an extension of the pullback move till 24,150-24,300 on Nifty and 78,000-78,200 on Sensex. On the flip side, below 23,900 on Nifty and 77,200 on Sensex," he said.
The selling pressure is likely to accelerate if a fall below the said levels. In such a case, Chouhan said Nifty and Sensex could retest 23,700 and 76,500, respectively.
Benchmark stock indices the NSE Nifty and the BSE Sensex cut losses on Monday, as crude oil prices eased $14 a barrel from day's high, as G7 finance ministers reportedly discussed the possible release of emergency oil reserves, in response to surging oil prices. After hitting a high of $119.46 a barrel level earlier in the day, Brent May futures eased and were trading at $105.35 by 3.45 pm IST, still up 13.66 per cent. This helped Sensex cut losses and decline 1,352.74 points or 1.71 per cent, to settle at 77,566.16. Nifty ended the day at 24,028.05, down 422.40 points or 1.73 per cent.
A mild rebound in the final hour helped trim some of the losses, said Ajit Mishra – SVP for Research at Religare Broking. The recovery, said Siddhartha Khemka, Head of Research for Wealth Management at Motilal Oswal Financial Services, was largely driven by selective buying in beaten-down large-caps and additionally, crude oil prices eased slightly from their early spike, which helped calm panic selling.
"Going ahead, markets will closely monitor developments in West Asia and their potential impact on global energy supplies and crude oil prices, as uncertainty around the duration and intensity of the conflict is likely to keep investor sentiment cautious in the near term," Khemka said.
Selling earlier in the day intensified as the West Asia conflict entered its second week with no signs of de-escalation, said Vinod Nair, Head of Research at Geojit Investments. The sustained rise in crude prices is likely to complicate the RBI’s policy outlook by keeping inflation elevated and posing risks to growth, he said.
"Additional concerns in the US about potential caps on redemptions in specific funds also contributed to the sell-off. Despite this, the current phase may offer opportunities for long-term investors. Selective value buying in pharma and IT helped limit deeper losses and indicated a defensive stance amid a weakening rupee in the short term," Nair said.
Has market bottomed?
Deepak Shenoy, CEO at Capitalmind Mutual Fund, called the ongoing selloff in the stock market a “man-made disaster” and said it could be a good opportunity to buy quality names. While he felt it is difficult to call a bottom as key indices are quoting just 10 per cent below their record levels, the market veteran said diversification may help cushion the magnitude of the fall.
"It's too early to say it's over, since we are just about 10% below all time highs on the Nifty 500 and we have seen more. But the 10% drop is usually a good point to start looking at measured allocations going forward. A lot of cash has been on the sidelines, and if you have a 3+ year view, it does make sense to consider allocating cash," he said.
"From a corporate earnings perspective, the medium-term outlook for India remains constructive. Balance sheets across corporate India are relatively healthy, the private capex cycle is gradually reviving, and earnings growth is expected to improve over the next few years, supported by domestic demand and policy continuity," said Sachin Sawrikar Managing Partner Artha Bharat Investment Managers IFSC.
Sawrikar said while geopolitical shocks may drive near-term volatility, India’s structural growth drivers remain intact.
Sensex, Nifty outlook
Shrikant Chouhan, Head Equity Research at Kotak Securities said the market is holding a lower-top formation on the technical chart, which indicates further weakness from the current levels.
Chouhan said the current market texture is weak but oversold.
"For day traders, 24,000-23,900 on Nifty and 77,500-77,200 on Sensex would act as key support zones. Above this, we could see an extension of the pullback move till 24,150-24,300 on Nifty and 78,000-78,200 on Sensex. On the flip side, below 23,900 on Nifty and 77,200 on Sensex," he said.
The selling pressure is likely to accelerate if a fall below the said levels. In such a case, Chouhan said Nifty and Sensex could retest 23,700 and 76,500, respectively.