The NSE Nifty 50 finds support in the 22,200-22,150 zone after the stock market crashed for a second consecutive session according to Sudeep Shah, head of Technical and Derivatives Research at SBI Securities.
"Any sustainable move below this zone could result in Nifty extending its weakness towards 22,000, followed by 21,800 in the short term. On the upside, the zone of 22,450–22,500 zone is likely to act as an immediate resistance.
The index formed a second consecutive strong bearish candle, marking a lower high and a lower low, which signals continuation of the ongoing downtrend according to Bajaj Broking's market research. "The overall bias remains negative, with immediate support placed in the 21,800–22,000 zone," the firm said.
Volatility is expected to stay elevated amid rising crude oil prices, escalating geopolitical tensions, and a sharp depreciation in the rupee, as per the brokerage.
Bank Nifty
The Bank Nifty, finds immediate support is placed in the 49,900–49,800 zone according to Shah. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 49,500, followed by 49,200 in the short term, the analyst said.
"The zone of 50,600–50,700 zone is likely to act as an immediate resistance on the upside," Shah stated.
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The index also formed a second consecutive strong bearish candle, continuing the pattern of lower highs and lower lows, as per Bajaj Broking.
The index is expected to maintain a corrective bias and may drift towards the 49,000 level in the coming sessions, according to the brokerage. "For any meaningful pause in the ongoing downtrend, the index needs to establish a sustained pattern of higher highs and higher lows, along with a close above last week's high of 54,150," it said.
Market Recap
Indian equity benchmarks ended lower, extending losses for a second straight session. The Nifty 50 fell 2.1% to close below 22,350 on Monday, while the Sensex dropped more than 1,600 points to settle below 72,000. For March, Sensex and Nifty each slumped 11%, making it their worst March since the Covid period. For the financial year ended March 2026, the Nifty declined more than 5%, while the Sensex fell 7%.
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