Based on market closing on March 04
The Nifty ended the previous session at 22082.65, down -36.65 points or 0.17 percent. The downtrend may persist if the index closes below the key short-term support level of 22,000. In the previous session, Nifty opened on a negative 21974.40, then gradually rose and tested the intraday high of 22105.10 before closing at 22082.65.
Media, PSU banks, metal, and financial services were the top sector gainers, while auto, IT, FMCG, and pharma were the major losers.
The market breadth was positive, with 1587 stocks advancing, 1145 declining, and 149 unchanged.
The biggest gainers under the Nifty were BPCL, SBIN, BEL, and SHRIRAMFIN, whereas the major losers were BAJAJ-AUTO, HEROMOTOCO, BAJAJFINSV, and HCLTECH.
Technically, the momentum indicators continue in the oversold region, with the index trading below its short-term and long-term moving averages.
The index formed a white candle on the daily chart but closed below the previous day's close. All these indicate that the momentum remains in favor of the Bears.
On the lower side, key short-term support remains at the 22,000-21800 area. If the index closes below these levels, the downtrend can continue in the coming days.
Otherwise, the index may consolidate above this level for a few days. For a positive trend, the index must trade and sustain above the 22100 level.
Support - 22000, 21900, 21800
Resistance 22100, 22200-22300 (15-Minute Charts)
Short-term support - 22000-21200
Resistance - 22700- 23500
In the preceding session, the Bank Nifty closed at 48245.20, registering a gain of 130.90 points. The technical parameters indicate a negative trend. The index remains below its short-term and long-term moving averages.
However, the index formed a white candle on the daily chart and closed above the previous day's close. This pattern indicates a slightly positive bias for the index.
On the lower side, the index has intraday support at 48100, while the resistance is at 48400. If the index moves above the resistance level, a positive trend can be expected today.
Otherwise, the index may consolidate below this level
As indicated by the 15-minute charts, intraday traders' support levels are 48100, 47850, and 47600, while resistance levels are 48400, 48640, and 48925.
Positional traders should watch short-term support at 47750–47000, with resistance at 48750–50000.
