Market Outlook After Sharp Nifty Decline | 09 March 2026

Authored By Prime Research | Last Modified: Mar 9, 2026 05:32 PM IST

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After witnessing a sharp weakness on Friday, Nifty continued its violent decline on Monday and closed the day lower by 422 points amidst recovery. After opening on a downside gap of 580 point the market slipped into further weakness soon after the opening. The recovery has started from the lows of 23700 in the mid part and continued till end. Nifty closed the day off the lows and the opening down gap remains partially filled.

A reasonable green candle was formed on the daily chart with long lower shadow. Technically, this market action indicates a sharp down trended movement with upside recovery.

The overall structure of the market remains weak and the bearish chart pattern like lower tops and bottoms is intact on the daily/weekly chart. Having formed a new lower low around 23700 on Monday, there is a higher probability of minor pullback in the short term towards 24200-24300 levels for a sell on rise opportunity.

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