Stock Market Analysis for March 2nd, 2021: NIFTY and BANK NIFTY
Introduction to the NIFTY
As of March 2nd, 2021, the NIFTY index has shown a consistent downward trend in the short term. However, within a 15-minute timeframe, it has formed a pennant pattern, which suggests a potential breakout to either direction in the upcoming trading session. The immediate resistance level for NIFTY is expected to be around 14,870, followed by 15,000. On the downside, the support levels are observed at 14,550 and then 14,460.
It is important to monitor local and global cues as these can influence the breakout. For a deeper understanding and more insights, you can follow the STOCKPICKERZONE Telegram channel. This channel offers free daily analysis and updates for the stock market.
Analysis of the BANK NIFTY
Similarly, the BANK NIFTY has also been under pressure, turning in a downward momentum. In a 15-minute time frame, the same pattern of a pennant has been observed. A breakout on either side will be dependent upon the cues from both local and global markets. The immediate resistance for BANK NIFTY is identified at 35,580, followed by 35,800. For the support level, the stares at 35,000, and then a closer support is seen at 35,680.
The trendline is serving as a critical support level for BANK NIFTY. If it were to breach and sustain below this trendline, a further downside momentum could be anticipated. However, it is crucial to confirm such a break below the candle closes below this trendline. The immediate support level is at 34,300, and it continues to be a crucial one to watch.
Conclusion and Additional Resources
The analysis presented here reflects the current market dynamics for the NIFTY and BANK NIFTY as of March 2nd, 2021. Both indices have shown a consistent downtrend with potential breakouts in the near future. To stay updated with the latest market trends and analysis, consider following the STOCKPICKERZONE Telegram channel.
The information provided herein is for educational and informational purposes only. It is not intended as investment advice or a recommendation to buy or sell any financial instruments. Please consult with your financial advisor before making any investment decisions.