Home / Business and Economy / West Asia Conflict Rattles Nifty; Key Support Levels Eyed
West Asia Conflict Rattles Nifty; Key Support Levels Eyed
3 Mar
Summary
- Nifty 50 finds support near 24,730-24,700 amid global selloff.
- Bank Nifty faces crucial support at 59,400-59,300 levels.
- Market indices experienced significant declines on Monday.
The NSE Nifty 50 is currently testing support at the 24,730-24,700 levels as a global selloff intensifies, driven by the escalating West Asia war. Experts suggest that a fall below 24,700 could trigger a deeper correction, potentially reaching 24,550. The immediate outlook favors a downward trend, with rallies being seen as selling opportunities.
For the Bank Nifty, the 59,400-59,300 zone is identified as critical support. A sustained break below this level might lead to a sharp decline towards 58,800 and then 58,300. Analysts advise using pullbacks as chances to sell, given the bearish gap observed.
On Monday, market sentiment turned negative with the Nifty 50 closing 312 points lower at 24,865 and the BSE Sensex down 1,048 points at 80,238. Broader indices like the Nifty Midcap 150 and Nifty Smallcap 250 also experienced significant losses.
