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Below the Quote on Pre-market comment for Monday March 02 by Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited

Indian equity markets are likely to begin the March 02 session on a weak footing, as GIFT Nifty hovers near 25,159, down nearly 179 points, pointing to a negative opening.

The Nifty 50 witnessed a sharp decline, closing 317 points lower (−1.25%) after opening with a mild gap-down and continuing a steady downward trajectory toward the 25,300 mark. Intense selling pressure in the final hours dragged the index to an intraday low of 25,141.30 before it finally settled at 25,178. The formation of a fourth consecutive red candle and recent close below the 200-day EMA reflects increasing bearish dominance and a weakening broader trend. Technically, resistance is placed in the 25,300–25,350 zone, while immediate support is seen at 25,000–25,050. The RSI reading of 40.65 further confirms bearish momentum, with weakness visible across multiple timeframes, keeping overall sentiment negative.

The Bank Nifty also opened on a softer note and declined gradually through the session. After marking an intraday high of 61,086, the index witnessed a sharp sell-off, slipping to 60,438.95, indicating heavy profit booking and strong selling pressure in banking stocks. It closed at 60,529, registering a fall of 658 points, which reinforces the prevailing bearish sentiment and near-term weakness. Several short-term support levels were breached, strengthening the negative trend outlook. Technically, resistance is seen in the 60,800–60,900 range, while support is placed at 60,200–60,300. The RSI at 50.66 reflects neutral momentum with a mild bearish tilt.

On February 27, Foreign Institutional Investors (FIIs) sold equities worth ?7,536 crore, while Domestic Institutional Investors (DIIs) provided strong support by purchasing equities exceeding ?12,000 crore.

Amid global uncertainties and heightened volatility, traders are advised to remain disciplined and highly selective, prioritizing fundamentally strong stocks during corrective phases. Fresh long positions should be initiated only after a decisive and sustained breakout above the 25,800 level on the Nifty, which would indicate improving sentiment and confirm the formation of a stronger bullish structure.

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