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Nifty 50 is down but is managing to sustain above the psychological 22,000 level. The index is currently trading at 22,068, down 0.23 per cent. The advances/declines ratio is at 19:31. This indicates that the sentiment is still negative. As such Nifty can continue to remain vulnerable for a fall.
Nifty is now holding above 22,000. If it manages to sustain above it, then a rise to 22,200-22,250 is possible during the day. As long as the Nifty stays above 22,000, a range of 22,000-22,250 is a possibility.
But, if the index breaks below 22,000, fresh selling can happen. That in turn will drag the Nifty down to 21,700-21,500 in the coming days.
The Nifty 50 March Futures (22,180) is down 0.36 per cent. The immediate outlook is unclear. Resistances are at 22,250 and 22,300. If the contract continues to rise, these resistances can be tested.
On the downside, strong support is at 22,050-22,000. This support zone can limit the downside for some time. A bounce from this support can take the contract up to 22,200-22,250 again.
Broadly, 22,000-22,350 looks likely to be the trading range for now. Within this, the contract can move either way.
Since the direction of move for the day is unclear, we suggest traders to stay out of the market.
Supports: 22,050, 22,000
Resistances: 22,250, 22,300
Published on March 4, 2025
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