Nifty Prediction Tomorrow, March 24: The Nifty 50 index witnessed a sharp gap-down opening and extended selling pressure throughout the session, closing at 22,512.65, down 601.85 points or 2.60 per cent.
The decline was broad-based, with no sector closing in positive territory, reflecting widespread weakness.
Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, said that the Nifty index has decisively broken below the crucial 23,000 psychological level. The breakdown has turned 22,800–23,000 into an immediate resistance zone, and unless reclaimed, any bounce is likely to be sold into.
Nifty is hovering near 22,500 support, a break below which could accelerate the decline toward 22,200, with a broader structure reflecting continuation of the downtrend and lower-high formation.
Nifty Chart Candle
On the daily chart, Nifty has formed a strong bearish candle. The index is now approaching a key support area near 22,200–22,000, which also coincides with a rising long-term trendline.
"Nifty continues to trade well below its key moving averages, highlighting sustained weakness in the broader setup," Om Mehra, Technical Research Analyst, SAMCO Securities, said.
Nifty RSI, India VIX
Nifty RSI has declined further and is now placed near oversold levels, indicating stretched conditions. However, there are no signs of reversal yet.
The sharp expansion in volatility, with India VIX rising 17.17 per cent to 26.73, reflects heightened uncertainty and the possibility of wider price swings in the near term.
Nifty Down 10% In March
Nifty has declined more than 10 per cent so far in March, marking one of the sharpest monthly corrections since the COVID-led fall.
"Unless Nifty reclaims the 23,000–23,200 zone on a closing basis, weakness may persist. The broader trend remains corrective, and any short-term rebounds are likely to face resistance at higher levels," Om Mehra said.
