Nifty Technical Outlook
Based on Market Closing on Friday, February 28, 2025
Nifty closed at 22,124.70, down 420 points (-1.86 %), continuing its downward trend. The index may extend losses if it moves below the key intraday support at 22,100.
Nifty opened with a downward gap at 22,433.40 and remained under selling pressure throughout the session, hitting an intraday low of 22,104.80 before closing near that level. All sectors ended in the red, with IT, auto, media, and PSU banks being the worst performers. Market breadth remained weak, with 371 stocks advancing, 2,391 declining, and 119 unchanged. The top gainers were HDFCBANK, SHRIRAMFIN, COALINDIA, and TRENT, while TECHM, WIPRO, INDUSINDBK, and M&M led the losers.
Technically, momentum indicators remain in the oversold region, and the index continues to trade below its short-term and long-term moving averages. A long black candle on the daily chart, along with a close near the day's low, suggests that the bearish momentum remains intact. Key intraday support lies at 22,100, while resistance is at 22,200. A break below 22,100 could push the index lower, while sustaining above 22,200 may trigger a short-term recovery.
For positional traders, support exists in the 22,000–21,200 range, If the index holds this zone, a pullback rally could be expected in the near term.
BANK NIFTY
Bank Nifty closed at 48,344.70, down 399.10 points, signaling continued weakness. The index remains below its short-term and long-term moving averages, maintaining a negative trend. A small black candle on the daily chart, closing below the previous session, suggests further downside pressure. Intraday support lies at 48,200, and a move below this level could extend the decline. For any pullback rally, the index must reclaim 48,500, while a close above 48,750 is necessary to shift momentum to the upside.
For intraday traders, key support levels are 48,200, 48,000, and 47,800, with resistance at 48,500, 48,700, and 48,950.
Positional traders should watch for support in the 47,750–47,000 range, while resistance is seen between 48,750 and 50,000.