Stock Market Prediction for 3 March, Next Week: "Strong Possibility of…" – Support and Resistance Levels – Markets
Updated on March 1, 2023 12:15 IST
As stock markets delivered their worst day of the year on February 28, investors are left wondering: "What’s next?" With BSE Sensex ending 1.90 percent lower and NSE Nifty 50 dropping 1.86 percent, the question on everyone’s mind is: "Will this sell-off continue next week?"
Sensex, Nifty Stock Market Prediction for 3 March, Next Week
Global factors, such as tariff developments, geopolitical risks, and Foreign Institutional Investors (FII) trends, will continue to influence domestic indices. Additionally, high-frequency data like auto sales and purchasing managers’ indexes (PMI) will be closely monitored. As Religare Broking’s Ajit Mishra states, "From a technical perspective, Nifty is approaching a crucial support zone of 21,800-22,000. A decisive break below this range could extend the decline toward 21,000-21,200."
What’s at Stake?
- If Nifty fails to breach the 21,800-22,000 level, it could lead to a sharp decline to 21,000-21,200.
- A pullback rally from current levels is not entirely ruled out, as Kotak Securities’ Amol Athawale notes, "The market condition is weak but oversold, hence the strong possibility of a pullback rally from current levels is not ruled out."
- For short-term traders, key levels to watch out for include 22,200/73,500. Any breakdown below this zone could lead to a decline to 21,200/72,500.
Stock Market Support and Resistance
| Levels | Support | Resistance | Break-Even Points |
|---|---|---|---|
| 21,800-22,000 | Nifty | 22,200-22,500 | 21,000-21,200 |
What Experts Say
- Religare Broking’s Ajit Mishra: "We maintain our negative outlook on Nifty until clear signs of reversal emerge."
- Kotak Securities’ Amol Athawale: "The market condition is weak but oversold, hence the strong possibility of a pullback rally from current levels is not ruled out."
- Capitalmind Research’s Krishna Appala: "Friday’s correction may feel painful, but history suggests that years from now, it will be viewed similarly… Marathons are won, not sprints."
Conclusion
The week ahead will be crucial for the Indian stock market, with global factors playing a significant role. Investors would do well to stay cautious and keep a close eye on support and resistance levels. While there is a strong possibility of a pullback rally, a sustained break above/below the 21,800-22,000/22,200-22,500 levels will determine the next course of action.
Disclaimer: This article is meant for informational purposes only and should not be considered as investment advice. It is recommended that readers consult their financial advisors before making any decisions.
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