Nifty 50 seems to be struggling to get fresh buyers. The index opened with a wide gap-up at 22,878 but has come down sharply from there. It is currently trading at 22,715, up 0.9 per cent. The advances/declines ratio is at 47:3. This is positive, but the price action so far is not justifying the trend in advances/declines.
Strong resistances are at 22,800 and 22,920. The index has failed to sustain the break above 22,800. Support is around 22,660 which can be tested now. The price action thereafter will determine the next move.
A bounce from around 22,660 can take the index back up to 22,800. A sustained break above 22,800 can take the Nifty higher to 22,900.
On the other hand, a break below 22,660 will increase the downside pressure. In that case, the index can revisit 22,500-22,450 levels again.
As such the price action in the 22,660 region will need a close watch during the day.
The Nifty 50 March Futures (22,714) are up 0.88 per cent. The contract has come down sharply after making a high of 22,899 in the initial trades.
Resistance is in the 22,930-22,960 region which has held very well for now. A fall to 22,650 looks likely now from here. Failure to rise back from around 22,650 can drag it further down to 22,50.
On the other hand, if the contract manages to bounce back from around 22,650, it can rise back to 22,900 again.
Since the intraday resistance has held very well, the bias is not positive. We will have to wait and watch what happens to the support at 22,650. Stay out of the market.
Supports: 22,650, 22,450
Resistances: 22,900, 23,000
Published on March 24, 2026
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