EXCLUSIVE: Nifty slips below key support - What investors should do now? Angel One's Rajesh Bhosale EXPLAINS | WATCH

Indian stock markets traded lower on Monday, March 9, tracking a global sell-off driven by soaring oil prices, escalating geopolitical tensions in the Middle East, and a sharp decline in the rupee.

The BSE Sensex, after hitting an intraday low of 76,424.55, ended the session at 77,566.16, down 1352.74 points or 1.71 per cent. The NSE Nifty50 settled at 24,028.05, down 422.40 points or 1.73 per cent. During the day Nifty50 swung between 24,078.15 and 23,697.80. Sensex and Nifty opened in red today. The BSE Sensex started at 77,056.75, while the Nifty 50 opened at 23,868.05.

Equity Technical Analyst at Angel One, Rajesh Bhosale, in an exclusive interview with ET Now, highlights key support levels and advises investors to avoid aggressive bets. Specific trading ideas include a bearish outlook on TVS Motor and a potential bounce in LTIMindtree. Watch the full market analysis to understand key levels, sector trends, and trading strategies.

He said, "from the morning lows we saw some bounce back. This has been the pattern since last week, where a huge gap down is followed by an intraday bounce. However, the overall trend remains negative and gradually the market is moving lower. We expect this volatility to continue and hence one should avoid complacent bets."

"On the higher side, the 24,200-24,300 range was a major support zone, which has now been breached. As a result, we expect further downside in the near term, so aggressive long positions should be avoided for now. On the downside, 23,500 is the next key support level, which is an important golden retracement level. Last year, the market saw a rally from around 21,700, and the golden retracement of that move comes near 23,500. Therefore, the next key level to watch is around 23,500. However, until we see a clear reversal, one should avoid taking aggressive positions," he said.

"There is significant volatility in the market and we are seeing opportunities on both sides. If you look at the auto space, it is currently under tremendous pressure. Within this segment, TVS Motor has witnessed a fresh breakdown on the daily chart. There is an ascending triangle breakdown, and after a long time the stock has slipped below the 89 EMA. This indicates that the weakness could extend in the near term. Therefore, one can consider a bearish bet on TVS Motor. With Rs 3,730 as a key resistance level and stop-loss, the stock could potentially slip towards the Rs 3,430 level," he said.

Furthermore, Bhosale said LTIMindtree shows relative strength within the IT space and is expected to bounce back towards Rs 4,700/share levels.

"For LTIMindtree, if you look at last year, the stock was trading around Rs 4,200 in March. From there, it rallied to nearly Rs 6,000. Currently, LTI is again trading around similar levels in the March period. Given that the indicators are in the oversold zone, we expect a potential bounce back. With a stop-loss around Rs 4,180, the stock could move towards the Rs 4,700 level," Bhosale said.

Talking about public sector banks, Bhosle highlighted that the PSU bank index shows a bearish reversal pattern and further weakness is expected. Investors should wait for the index to reach around 8300 before considering positions in counters like Bank of Baroda, Canara Bank, and Union Bank.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)