Nifty Prediction for Monday
“A sustained break below this support could extend the decline toward 24,300-24,200, which has previously acted as a demand zone,” stated Ponmudi R, highlighting the critical levels for the Nifty index as it heads into the new week.
Indian equity markets may start the coming week on a weak note, indicating a likely gap-down opening on March 9. The GIFT Nifty was trading about 274 points, or 1.11%, lower at 24,300, reflecting the broader market sentiment.
The Nifty 50 closed the previous week at 24,450, falling 2.9%, while the Sensex settled at 78,919, also down 2.9%. The Bank Nifty experienced a more pronounced decline, dropping 4.5% to close near 57,783.
The recent weakness in the markets was largely driven by global uncertainties and rising energy prices, as Ponmudi R noted. Crude oil prices surged nearly 25% during the week, adding to the market’s volatility.
In terms of market participation, foreign institutional investors (FIIs) sold equities worth Rs 21,831 crore during the first week of March, while domestic institutional investors (DIIs) bought equities worth Rs 32,787 crore in the same period.
The upcoming trading sessions will be crucial, with the 24,300 level identified as significant for the Nifty. A sustained break below 24,400 could extend the decline toward 24,300-24,200, which has previously acted as a demand zone.
Immediate resistance for the index is seen around 24,700-24,900, while the 24,050 level will act as the next crucial support for Nifty. Investors are advised to remain cautious amid the heightened geopolitical risks and continued FII outflows.
Ajit Mishra emphasized, “Given the heightened geopolitical risks and continued FII outflows, investors should adopt a cautious and disciplined approach in the near term.” This sentiment reflects the broader concerns among market participants as they navigate the current landscape.
As the markets prepare for Monday’s trading, the outlook remains uncertain, and details remain unconfirmed regarding potential market movements.
