The Nifty 50 tumbled 1.27 percent on March 6, erasing all its previous day's gains and taking the total weekly loss to 2.9 percent, as intensified US-Israel-Iran war-driven West Asia tensions lifted oil prices to nearly $95 a barrel, signalling fears over economic and earnings growth. The spiking VIX, along with bearish technical and momentum indicators, has now put 24,300 — the previous week's low — at major risk. In fact, experts feel the index is likely to break this support, and if that comes true and sustains below it, a correction towards 24,050–24,000 cannot be ruled out in the upcoming sessions. However, in case of an upside bounce, 24,700 is the level to watch.
1)Nifty50 (cmp 24450) Levels:
Resistance based on pivot points: 24,631, 24,699, and 24,807
Support based on pivot points: 24,413, 24,346, and 24,237
Special Formation: The Nifty 50 formed a long bearish candle on the daily charts with minor upper and lower shadows, along with a lower high–lower low formation, indicating a weakening trend amid mild volatility. The index also reached closer to the critical rising long support trendline (24,350 — adjoining lows of March 2020, April 2025, and last week). All the moving averages have now trended downward, while the MACD and signal line's bearish gap widened with an expansion of the red histogram. The RSI slipped to 33.45, while the Stochastic RSI maintained a positive crossover in the oversold zone. All this indicates a weakening momentum with the risk of further downside if key supports are breached.
2)Levels For The Nifty Bank (cmp 57,783)
Resistance based on pivot points: 58,520, 58,782, and 59,206
Support based on pivot points: 57,671, 57,409, and 56,985
Resistance based on Fibonacci retracement: 58,656, 59,250
Support based on Fibonacci retracement: 57,663, 56,695
Special Formation: The Nifty Bank also formed a long red candle on the daily timeframe and fell decisively below the 100-day EMA, while reaching closer to the 200-day EMA, indicating bears are tightening their grip. All the short- and medium-term moving averages have trended downward, while the index is 120 points away from the 50 percent Fibonacci retracement level (from the September 2025 low to the February 2026 high). The RSI dropped to 31.91, while the MACD remained below the reference line and zero line with a widening red histogram bar. All this indicates persistent bearish momentum and the possibility of further downside if the index fails to hold near the 200-day EMA.
Report by Sunil Shankar Matkar of Network 18
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