Trade Setup for March 10: Will the market decline further or stabilize on Tuesday? Read what experts are saying.

News Topical, Digital Desk : The stock market recovered after an initial decline on Monday, with the Nifty recovering more than 300 points from its lows to close above 24,000. However, experts believe the market structure remains weak and pressure may persist. According to experts, signals from Iran will determine the market's direction on Tuesday as well.

Which signals will determine the direction of the market

Crude oil prices have slipped from their highs, although they remain above the $100 mark. The market will closely monitor crude oil movements on Tuesday. Furthermore, the market will react to US President Trump's announcements. The market will also look for indications of Iran's remaining capacity to wage war. This will be revealed by the intensity of Iran's attacks, and analysts worldwide are trying to gauge this. 

According to Nagaraj Shetty of HDFC Securities, the market structure remains weak. On Monday, the Nifty made a new low around 23,700. In such a situation, the index could bounce towards the 24,200 to 24,300 range in the short term. According to him, this rise could provide an opportunity to "sell on the rise."

Analysts at Bajaj Broking say that if the Nifty manages to hold above the 23,700 support level, a recovery to 24,400 to 24,500 could be seen in the coming sessions. However, if this level is broken, the decline could extend to the 23,400 to 23,200 range.

According to Sudip Shah of SBI Securities, the 23,880 to 23,850 range is an important support zone. If Nifty trades below 23,850, a fresh sell-off could occur, pushing the index back towards 23,700.

Regarding the upside, he believes the 24,130 to 24,150 range is immediate resistance. A strong recovery is possible only if there is a breakout above this level.

Meanwhile, Nandish Shah of HDFC Securities says that Nifty's short-term trend is still clearly bearish, as the index is trading below key moving averages. He believes Monday's intraday low of 23,697 will act as immediate support, while any relief rally could face strong resistance between 24,300 and 24,400.

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