- Nifty 50 fell 360 points to 23,815.85, its sharpest drop since March 2026
- The index closed below 24,000, near key support ahead of Tuesday’s weekly expiry
- Technical indicators show bearish signals with MACD and RSI at lowest levels in a month
The Nifty 50 closed below the 24,000 mark on Monday after selling pressure intensified through the session, placing the index near a key support zone ahead of weekly expiry on Tuesday. The benchmark index fell 360 points, or 1.49%, to end at 23,815.85, marking its sharpest single-day decline since March 2026.
The selloff remained broad-based, with declining stocks outnumbering advances across the market. The Nifty opened with a gap-down of more than 200 points and stayed under pressure through the day. The index also slipped below its 50-day moving average and closed at its lowest level in four weeks.
Technical indicators point to rising pressure on the index at a time when traders are tracking expiry-related volatility. The Nifty is now trading near the lower end of its recent range, with the 23,780-23,800 zone emerging as immediate support. A break below this area could extend losses towards 23,689 and later 23,405, while a move back above the 50-day moving average may help the index recover towards 24,156.
On the daily chart, the Nifty formed a bearish candle after the gap-down opening. The decline also came with higher trading volumes compared with the previous session, qualifying as a distribution day. Bollinger Bands remained contracted, while the index tested the lower band during the session and moved close to the April 30 low.
The eight-day exponential moving average has slipped below the 20-day moving average, while the MACD generated a fresh bearish signal. The 14-period daily RSI fell to 46.11, its lowest level in more than a month.
The index now needs to reclaim the 23,959-23,997 zone, which includes Monday's session high and the 50-day moving average. A sustained move above this level could push the Nifty towards the 20-day moving average at 24,156.
Tata Consumer In Focus
Tata Consumer Products emerged among the strongest gainers on Monday even as the broader market declined. The stock rose more than 8% and touched a fresh 52-week high of Rs 1,279.40. The move came despite weakness in frontline indices, with the Sensex falling 1.7% to 76,015.28.
The rally followed the company's quarterly earnings update, which showed growth across its India business. According to the company's results update, the India branded business posted underlying volume growth of 16% in the fourth quarter and 13% for FY26. The India Foods business reported 21% growth in Q4FY26, while full-year growth stood at 18%.
The stock also outperformed as FMCG shares held up better than the broader market and ended the session in positive territory. Buying interest in Tata Consumer Products remained supported by earnings growth and relative sector strength.
On the technical charts, the stock has broken out of an inverted head-and-shoulders-like pattern that had been forming for more than two years. The breakout came with a wide bullish candle and higher volumes, signalling stronger participation in the move.
Trading volumes on the NSE rose to nearly 1.92 crore shares against the 30-day average of 22.85 lakh shares a day, indicating a sharp increase in market participation.
Momentum indicators also remained supportive. The 14-period RSI moved to a fresh swing high, while the MACD rebounded after finding support near its nine-period average. The ADX stayed above 27, while the positive directional indicator remained above both the ADX and the negative directional indicator, signalling continued upward momentum.
The stock may move towards the Rs 1,360-Rs 1,384 range if it sustains above the Rs 1,274-Rs 1,276 zone for 15 to 20 minutes, while Rs 1,188 is expected to act as immediate support.
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