- Nifty fell 383 points to 23,063, lowest since April 6, 2026, with heavy selling pressure
- The decline broke Nifty below its 23,100–23,600 consolidation zone, signaling a bearish trend
- Support is seen at 22,900–22,870, with risk of further fall to 22,750 if below 22,870
Indian equity benchmarks came under heavy selling pressure on Thursday, with the Nifty extending its decline and falling to its lowest level since April 6, 2026. The index plunged 383 points to close at 23,063, resuming its downtrend after a pullback of more than 370 points from its swing low of 23,116. Thursday's fall marked the biggest single-session percentage decline for the Nifty since July 8, 2026. The index opened 225 points lower and continued to slide through the session, eventually ending close to the day's low.
According to Nandish Shah, Deputy Vice President at HDFC Securities, the sharp decline has pushed the Nifty below the lower boundary of its recent consolidation range.
“The breakdown decisively pushes Nifty below the lower boundary of its recent 23,100–23,600 consolidation zone, completing a bearish ‘flag' pattern on the daily chart. This technical development signals a continuation of the primary downtrend, with sellers in firm control and momentum skewed to the downside,” Shah said.
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With the index now trading below the 23,100 mark, the focus is shifting towards lower support levels. Sudeep Shah, Vice President, Technical and Derivatives Research at SBI Securities, sees the 22,900–22,870 zone as a crucial support area for the Nifty. “A sustained move below 22,870 could trigger further selling pressure towards 22,750 levels,” Sudeep Shah said.
On the upside, the technical analyst sees 23,200–23,220 as the immediate hurdle. A sustained move above 23,220 could trigger a minor recovery towards 23,350, although the broader technical structure remains negative.
Nifty Bank Outlook
Bank Nifty also witnessed a sharp decline on Thursday, ending 1.96% lower at around 55,440. The index opened sharply lower and initially attempted to hold above 55,500, but failed to sustain those levels. According to Ponmudi R, CEO of Enrich Money, the index subsequently slipped below 55,400, where buying interest emerged and briefly attempted to push prices higher. However, the recovery lacked follow-through and the index remained close to the session's lows.
“On the downside, failure to sustain above 55,400 could resume today's weakness and drag the index toward the 55,000–54,800 support region,” Ponmudi said. On the upside, 55,700–55,800 is expected to act as immediate resistance. For the setup to stabilise, Bank Nifty would need to reclaim and sustain above 56,000, according to the analyst.
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