The index has held on to 22,500 on the downside after two rangebound sessions, and the GIFT Nifty’s indication at the beginning of the March series, puts its support level of 22,500 under threat.
While the Nifty has declined more than 3,000 points over the last five F&O series, when it delivered negative returns, March has proven to be a positive month for the index in the past. In the last four years, Nifty has delivered positive returns in the month of March.
In 2023, Nifty 50 hit an annual bottom of 16,828 before it embarked onto new highs. Similarly, in March 2024 too, it hit an annual bottom high before it made new highs, followed by a fall during the Lok Sabha poll results of June 4, which then became the new swing low for it.
However, a new US President this year and his tariff threats have resulted in an uncertain environment for the markets. Overnight the US markets declined, with Nasdaq leading the crash as it closed nearly 3% lower. Asian equities too were in the red in early trade on Friday.
Nifty 50 ended the previous trade session little changed at 22,545.05, and down 3,732.3 points from its record high of 26,277.35. While the index has fallen 4.1% in the past month and 10.81% in the last six months, it has gained 2.71% in the past year.
Also Read: Trade Setup for February 28: Will the March series bring some respite for the Nifty bulls?
First Published: Feb 28, 2025 7:22 AM IST
