Market Outlook

The Indian stock market is expected to open with a gap-down on March 2, with the Nifty 50 likely to break the psychological 25,000 zone and move toward the 24,850 support. The Bank Nifty is expected to break the psychological 60,000 zone, followed by a move toward 59,500 support.

Recent Market Performance

On February 27, the Nifty 50 tumbled 318 points (1.25%) to 25,179, while the Bank Nifty plunged 659 points (1.08%) to 60,529. Market breadth was dominated by bears, with 1,921 shares declining against 975 advancing shares on the NSE.

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Technical Analysis

The Nifty 50 has formed a descending triangle pattern, suggesting a target price of 24,850. The index has decisively closed below the 20-day, 50-day, 100-day, and 200-day EMAs, with all these EMAs now sloping downwards.

Key Levels

• Key Resistance: 25,250, 25,400
• Key Support: 24,570, 24,330

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Trading Strategies

• Sell Nifty Futures below 24,700 with a stop-loss of 24,800, targeting 24,520.
• Post gap down, sell Nifty Futures in the range of 24,950–25,000 with a stop-loss above 25,150, targeting 24,650.
• Sell Nifty Futures around 25,200 with a stop-loss of 25,300, targeting 24,900–24,800.

Bank Nifty Outlook

The Bank Nifty is expected to break the psychological 60,000 zone, followed by a move toward 59,500 support. 60,600 is likely to be the immediate key hurdle on the higher side.