Trade Setup for March 3: Nifty support seen at 24,730–24,700 as global selloff deepens

Indian equity markets remain under pressure amid escalating geopolitical tensions in West Asia, with analysts flagging key support and resistance levels for Nifty 50 and Bank Nifty ahead of the March 3 session.

Indian benchmark indices extended their sharp decline on Monday as risk appetite took a hit following continued escalation in the West Asia conflict. The selloff, driven by global uncertainty and weak sentiment across Asian and European markets, has left traders cautious heading into the March 3 trading session.

According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the NSE Nifty 50 has managed to find near-term support in the 24,730–24,700 zone. However, he cautioned that a decisive breakdown below 24,700 could trigger a deeper correction.

“A clear break below 24,700 may open the doors for further downside toward 24,550, which marks an important intermediate support level,” Shah said.

Market experts noted that the immediate trend remains bearish as long as the index stays below Monday’s gap-down zone of 25,178–24,989. Analysts at Bajaj Broking’s Market Research desk advised that any pullback toward this region should be viewed as a selling opportunity rather than a sign of reversal.

On the upside, Shah highlighted that the 24,950–25,000 range will act as a strong resistance. This zone coincides with the psychologically important 25,000 mark and short-term supply levels. “Only a sustained move above 25,000 would help the index regain bullish momentum and attempt a meaningful recovery after the recent selloff,” he added.

Bank Nifty outlook

For the Bank Nifty, analysts identified the 59,400–59,300 zone as a crucial support area. Shah warned that a sustained move below 59,300 could accelerate selling pressure, dragging the index toward 58,800, followed by 58,300.

Technical indicators suggest continued weakness. Bajaj Broking noted that Bank Nifty formed a bearish structure with a lower high and lower low, along with a downside gap below its base of 60,438–60,177. As with the broader market, the brokerage expects the immediate bias to remain negative below this gap-down region.

On the upside, the 60,300–60,400 band is seen as the immediate hurdle. A decisive breakout above 60,400 would be required for Bank Nifty to regain momentum and signal any short-term trend reversal.

Market recap

On Monday, the Nifty 50 closed 312 points, or 1.24% lower, at 24,865, while the BSE Sensex plunged 1,048 points to settle at 80,238. Both indices had fallen more than 2% intraday before trimming some losses.

Broader markets also remained under pressure. The Nifty Midcap 150 declined 1.7%, while the Nifty Smallcap 250 slipped 1.9%, reflecting widespread risk aversion among investors.

With geopolitical uncertainty persisting and global markets volatile, analysts expect sentiment to remain fragile in the near term. Traders are likely to stay focused on key technical levels and global cues as markets head into the March 3 session.