Nifty 50 and Bank Nifty Market Update

Key Figures

• Nifty 50: 24,480
• Bank Nifty: 58,755

Market Analysis

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The Nifty 50 decisively broke the February low and closed 1.55 percent lower on March 4. Momentum weakened further, with the VIX surging to a 10-month high. The index managed to defend the 24,300 level, which coincides with the August 2025 low and the long upward-sloping support trendline adjoining the March 2020 and April 2025 lows. If the index breaks and sustains well below this zone, a fall towards 24,050-24,000 is possible.

Resistance and Support Levels

• Nifty 50:

• Resistance: 24,576, 24,646, and 24,760
• Support: 24,349, 24,279, and 24,166

• Bank Nifty:

• Resistance: 58,990, 59,147, and 59,401
• Support: 58,482, 58,325, and 58,071

Technical Indicators

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• Nifty 50: The RSI fell to 30.37 (near the oversold zone), and the MACD weakened further, forming another long bearish bar in the histogram. The Stochastic RSI also entered the oversold zone.
• Bank Nifty: The RSI declined to 36.09, and the Stochastic RSI dropped into the oversold zone. The MACD is trending lower towards the zero line, accompanied by a long red histogram bar.

Options Data

• Nifty Call Options:

• Maximum Call open interest: 25,000 strike (62.88 lakh contracts)
• Maximum Call writing: 25,000 strike (25.75 lakh contracts)

• Nifty Put Options:

• Maximum Put open interest: 24,000 strike (60.58 lakh contracts)
• Maximum Put writing: 24,400 strike (23.62 lakh contracts)

• Bank Nifty Call Options:

• Maximum Call open interest: 60,000 strike (5.82 lakh contracts)
• Maximum Call writing: 59,000 strike (4.77 lakh contracts)

• Bank Nifty Put Options:

• Maximum Put open interest: 59,000 strike (7.96 lakh contracts)
• Maximum Put writing: Not specified.