Priyanka Tiwari
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The Nifty 50 benchmark index may experience further selling pressure if it breaks below the crucial 22,000-22,300 support range, a level that has historically provided stability. Technical analysts suggest that if this support is breached, the market could see deeper corrections.
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Key Support and Resistance Levels for Nifty 50
Shrikant Chouhan, Head of Equity Research at Kotak Securities, stated:
- If Nifty 50 falls below 22,300 and Sensex below 73,300, selling could intensify.
- Further downside may see Nifty 50 testing 22,100-22,000 and Sensex retesting 72,700-72,400 levels.
- The market remains non-directional, finding support at 22,300 while experiencing selling pressure near 22,600-22,650.
Critical Technical Levels to Watch
- 22,000 as Key Support: Domestic brokerage firm Prabhudas Lilladher emphasizes that 22,000 must hold to prevent deeper declines.
- 23,000 for Bullish Confidence: A breakout above 23,000 is required to confirm an upward trend.
- Shooting Star Resistance at 22,677: The March 10 high of 22,677 remains a strong resistance level.
- Demand at 22,330: The March 12 session formed a long lower shadow, indicating potential buying interest.
Market Pattern and Recent Trends
- Bearish Signals: The index has been range-bound within 250-300 points, forming a bearish candle and inside bar on the daily chart, suggesting selling pressure at higher levels.
- Breakout Needed: Akshay Chinchalkar, Head of Research at Axis Securities, believes that a breakout from the 22,245 - 22,677 range is necessary to trigger the next significant market move.
Global Factors Influencing Market Sentiment
Several external factors could impact Indian equities, including:
- China’s Economic Measures: Investors are closely monitoring China’s efforts to boost consumer spending and stabilize markets.
- Geopolitical Tensions: Developments around Ukraine and Russia ceasefire talks could add to market volatility.
- US Federal Reserve Decision: The Fed’s interest rate announcement on Wednesday is expected to keep rates unchanged at 4.25%-4.5%, influencing global risk sentiment.
