Based on market closing on March 3
The Nifty ended the Monday's session at 22119.30, down -5.40 points or 0.02 percent. The downtrend could continue if the index closes below the short-term support level 22000.
In the previous session, Nifty opened with a positive bias at 22194.60 and tested the intraday high of 22261.60 in the morning trade. Then the index fell and hit the intraday low of 22004.70 and closed at 22119.30.
Realty, metal, IT, and pharma were the top sector gainers, while media, banks, and financial services were the losers. The market breadth remained negative, with 772 stocks advancing, 2023 declining, and 86 unchanged.
The biggest gainers under the Nifty were BEL, GRASIM, EICHERMOT, and JSWSTEEL, whereas the major losers were COALINDIA, RELIANCE, BAJAJ-AUTO, and BAJAJFINSV.
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 black candle on the daily chart and 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 lies in the 22,000 levels, If the index moves below this level, the downtrend can continue in the coming days.
For a positive trend, the index must trade and sustain above the 22200 level.
Support - 22100, 22000, 21900
Resistance 22200, 22300-22400 (15-Minute Charts)
Positional trading
Short-term support - 22000-21200
Resistance - 22700- 23500
In the preceding session, the Bank Nifty closed at 48144.30, registering a loss of 230.40 points. The technical parameters indicate a negative trend. The index remains below its short-term and long-term moving averages. The index formed a black candle on the daily chart and closed below the previous day's close. This pattern indicates a negative bias for the index.
On the lower side, the index has short-term support at 47750. If the index closes below this level, the downtrend will continue in the coming days also.
Otherwise, a pullback rally can be expected from the support level. The nearest intraday resistance remains at the 48260 level.
As indicated by the 15-minute charts, intraday traders' support levels are 48000, 47750, and 47500, while resistance levels are 48260, 48600, and 48925.
Positional traders should watch short-term support at 47750–47000, with resistance at 48750–50000.
