27 Feb 2025–22519 levels crucial, 22453 minor support + Nifty PostMortem
Nifty Stance Bearish ⬇
We fell 394pts ~ 1.72% this week and what was noticeable was the gap down on Monday 24th Feb. We were struggling to break down from the 22781 levels. We would have at least bounced from those levels 4 times and the likely outcome discussed was to break it with a gap-down.
The next support of 22519 came into play and we hit this on the 24th itself. It was kind of amazing that Nifty held its ground over the 3 next days, and the breakdown never came. It was only in the final minutes of today that we went below the 22519 support. The final traded price was 22510, but the weighted average close remained at 22545.
The next level to watch for is 22453, which is pretty close by and if we break that, then the next support comes at 22051. I strongly think markets could knock the 22051 levels in this series itself. If the bulls are trying to make a comeback, then the best thing they could do is defend 22519 today and take us to 22781 next week.
Nifty is en route to completing 5 consecutive red months. The last time we had a record 8-month red was between September 1994 and April 1995.