NIFTY 50 TECHNICAL OUTLOOK

Market Closing on Monday, March 03, 2025

The Nifty 50 closed at 22,119.30, down 5.40 points (-0.02%). The index remains under pressure, and a break below the 22,000 support level could extend the downtrend.

In Monday’s session, Nifty opened at 22,194.60, touched an intraday high of 22,261.60, and later fell to an intraday low of 22,004.70 before settling at 22,119.30. Sector-wise, realty, metal, IT, and pharma outperformed, while media, banking, and financial services dragged the market down. Market breadth remained weak, with 2,023 declining stocks significantly outpacing the 772 advancing stocks. The top gainers included BEL, GRASIM, EICHERMOT, and JSWSTEEL, whereas COALINDIA, RELIANCE, BAJAJ-AUTO, and BAJAJFINSV were among the top losers.

 Technically, the momentum indicators remain in the oversold region, and the index is trading below its short-term and long-term moving averages. A black candle formation on the daily chart suggests bearish momentum, with 22,000 acting as a crucial support level. A decisive break below this level could push the index towards 21,800–21,200, while an upward move above 22,200 may trigger recovery towards 22,300–22,400.

Intraday support levels are at 22,100, 22,000, and 21,900, while resistance is seen at 22,200, 22,300, and 22,400.

 For positional traders, short-term support lies between 22,000–21,800, with resistance at 22,700–23,500.

 Overall, the market remains in a cautious zone, and traders should closely watch these levels to determine the next directional move.

Bank Nifty Technical Outlook

The Bank Nifty ended the previous session at 48,144.30, down 230.40 points, indicating a continuation of bearish sentiment.

 The index remains below both its short-term and long-term moving averages, reinforcing the negative trend. A black candle formation on the daily chart, coupled with a close below the previous day's level, signals further weakness. Key short-term support lies at 47,750, and a close below this level could extend the downtrend in the coming sessions. However, if the index holds above this support, a potential pullback rally may emerge. The immediate intraday resistance is at 48,260,

As indicated by the 15-minute charts, intraday traders' support levels are 48000, 47750, and 47500, while resistance levels are 48260, 48600, and 48925.

. For positional traders, short-term support is placed between 47,750 and 47,000, while resistance is seen in the range of 48,750–50,000.

The market remains in a cautious zone, and traders should watch these levels closely to assess the next directional move.