The Brent Crude Oil price has surged about 25 per cent today. It is currently trading at $116 per barrel.
Nifty opened with a wide gap-down at 23,871.85 and is currently trading at 23,740. The index is down about 2.85 per cent for the day now.
Nifty 50 Outlook
The fall below 24,000 is a negative. The region between 23,950 and 24,000 will be a good resistance for now. The index can fall to 23,500 from here.
A strong rise above 24,000 is needed to ease the downside pressure and get some relief. But considering the current market condition, such a rise is unlikely.
Nifty 50 Futures
The Nifty 50 March Futures (23,861) is down 2.78 per cent. Support is around 23,750 which can be tested during the day. We need to see if the contract is managing to bounce back from this support or not.
A bounce from there can take it back up to 24,000. But a break below 23,750 will be very bearish. That will increase the danger of the contract falling to 23,350 thereafter.
So, the price action around 23,750 today will need a close watch.
Trade Strategy
Considering the volatility and the presence of a support, we suggest traders to stay out of the market today. See what happens to the support at 23,750 and trades can be taken accordingly.
Supports: 23,750, 23,350
Resistances: 24,000, 24,250
Published on March 9, 2026