Nifty Falls Sharply but Closes Off Lows; Key Support Near 24,300

Authored By HDFC SKY | Last Modified: Mar 4, 2026 05:32 PM IST

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The havoc continued in the Indian markets on Wednesday and the Nifty closed the day lower by 385 points. After opening on a huge downside gap of 480 points on the back of weak global cues due to rising geo-political tension, Nifty made an attempt of recovery in the mid part of the session amidst range bound action. The opening downside gap has been filled partially and Nifty closed the day off the lows.

A reasonable green candle was formed on the daily chart with gap down opening and with upper and lower shadow. Technically, this market action indicates sharp selling with minor volatility. We observe meaningful upside recoveries after a sharp gap down openings in the last couple of sessions. This action could be an attempt of bulls to witness relief rally.

The underlying trend of Nifty remains weak amidst global geo-political tension. Nifty is currently sliding down to an important support zone of around 24300-24100 (previous important swing lows and opening up gap of 12^th May). Hence, there is a higher possibility of reasonable upside bounce from the lows in the near term. Immediate resistance is placed at 24600

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