Nifty Slips Below 200-Day Average; Can It Drop Below 24,000?
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- 1 min read
Last Updated: 4th March 2026 - 04:03 pm
Summary:
Nifty 50 closed at 25,179 after slipping below its 200-day moving averages, with charts indicating support near 24,700 and 24,400, while GIFT Nifty signalled a near 200-point gap-down amid escalating West Asia tensions.
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The Nifty 50 index slipped below its 200-day Simple Moving Average and 200-day Exponential Moving Average on February 28, as shown on the exchange charts. These are key technical indicators.
Invest in Indian Markets and Unlock Future Potential With 5paisa!Technical charts show immediate support zones around 24,700 and 24,400, which correspond to earlier consolidation levels. A move from 25,179 to 24,400 would imply a decline of about 3.1%.
On the upside, 25,250 is seen as a resistance level after the breach of the 200-day average, while 25,800 has acted as a ceiling in recent sessions, based on price data.
MidCap And SmallCap Indices
The Nifty Midcap 100 closed at 59,116 on February 28, as per NSE data. The 58,400 level coincides with its 200-day Exponential Moving Average. A decline from 59,116 to 56,000 would translate into a fall of about 5.3%.
The Nifty Smallcap 100 ended at 16,929. Immediate support is placed near 16,800 on charts. The drop to 15,700 would represent a decline of approximately 7.3% from the last close.
Expiry And Holiday Factor
The weekly Nifty derivatives expiry falls on March 2, while markets remain closed on March 3 for Holi, according to the NSE trading calendar. The combination of expiry positioning and a trading holiday may result in elevated volatility during the session.
The recent decline follows escalating tensions in West Asia after joint U.S.–Israel strikes on Iran on February 28 and subsequent retaliatory actions, according to international media reports.
With benchmark indices breaching long-term moving averages and approaching key support levels, market direction in the near term will depend on price action around 24,700 and 24,400 for the Nifty 50, as reflected in current chart data.
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