Nifty Outlook
Nifty Close: 24,865.70
FII Flow: ₹-3,295.64 crore (Net Sellers)
DII Flow: ₹8,593.87 crore (Net Buyers)
As anticipated in the previous outlook, the market remained under pressure and Nifty slipped sharply during the session, touching an intraday low of 24,603. However, the index managed to recover from lower levels and formed a bullish candle on the daily chart, indicating that buyers stepped in to defend the decline.
The RSI indicator on the daily chart is approaching the oversold zone, suggesting that a short-term bounce cannot be ruled out.
Key resistance levels:
If Nifty manages to move higher, it may face resistance in the 24,947–25,027 range. A sustained breakout above this zone could push the index towards 25,110–25,190.
Key support levels:
Despite the possibility of a bounce, the broader sentiment remains weak. On the downside, immediate support is seen around 24,785–24,703. If the index breaks and sustains below these levels, it could slip further towards 24,621–24,541.
Bank Nifty Outlook
Bank Nifty Close: 59,839.65
Change: -689.35 points (-1.14%)
Put-Call Ratio (PCR): 1.00
Maximum Call OI: 61,000
Maximum Put OI: 61,000
On 2 March 2026, Bank Nifty witnessed a volatile trading session. The index moved within a wide 1,029-point range, touching a high of 60,177.50 and a low of 59,148, before closing lower.
Technical View
The immediate support level for Bank Nifty is around 59,450, while the resistance level is placed near 60,250.
For intraday traders, key levels to watch are:
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Intraday Support: 59,557
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Intraday Resistance: 60,123
The RSI currently stands at 44.1, which indicates a neutral zone. Generally, RSI below 30 signals oversold conditions, while levels above 70 indicate overbought territory.
Moving Average Analysis
Bank Nifty is currently:
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Trading above: 100-day, 150-day, and 200-day SMAs
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Trading below: 5-day, 10-day, 20-day, 30-day, and 50-day SMAs
This suggests that while the long-term trend remains stable, the short-term trend is still under pressure.
No major candlestick pattern has been identified on the daily chart.
Pivot Levels for the Day
Nifty Pivot Levels
| Level | Value |
|---|---|
| S3 | 24,263 |
| S2 | 24,433 |
| S1 | 24,649 |
| Pivot | 24,819 |
| R1 | 25,035 |
| R2 | 25,205 |
| R3 | 25,421 |
Bank Nifty Pivot Levels
| Level | Value |
|---|---|
| S3 | 58,236 |
| S2 | 58,699 |
| S1 | 59,265 |
| Pivot | 59,721 |
| R1 | 60,295 |
| R2 | 60,751 |
| R3 | 61,324 |