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Nifty formed a long bearish candle accompanied by above average volumes. RSI fell to 27.55 and remained in the deeply bearish zone. Momentum indicator has been consolidating below the 40 level since mid-September. MACD has remained below the reference line since mid August, while the MACD histogram showed a darker red bar after bearish pressure eased over the previous three sessions. All these indicators point to continued weakness in the near term.

Nifty opened moderately lower at 22599, and selling pressure intensified as the session progressed. Index fell as low as 22180 before ending at 22231, its lowest closing level since April 7, 2025. It declined 371 points, or 1.64 percent, during the session.

Domestic and global macro concerns continued to weigh heavily on sentiment. RBI’s decision to raise the repo rate by 25 bps to 5.50% and shift its stance towards calibrated tightening has raised concerns over tighter financial conditions. At the same time, Brent crude moved above the $102–103 a barrel mark amid geopolitical tensions and supply concerns, while the US 10-year Treasury yield remained elevated around 5.3%. Caution ahead of TCS’ quarterly results also added to the nervousness, particularly in the IT segment.

Nifty has once again retested the April 2026 low of 22182 after the marginal pullback, signalling further weakness in the prevailing structure. A decisive break below this level could open the door for a move towards the 21700/22000 zone.

Markets came under heavy selling pressure on Thursday, extending the prevailing corrective trend and declining nearly one and a half percent. After a weak opening, the benchmark indices remained under pressure through most of the session and eventually settled close to the day’s lows, reflecting sustained selling pressure across the board. On the sectoral front, selling was broad-based, with metal, realty and energy among the major laggards, while IT was the only sector showing some relative resilience

Market witnessed even sharper selling, with both midcap and smallcap indices declining over 2%, indicating a clear risk-off tone and deterioration in market breadth.

Participants should align their positions accordingly and adopt a hedged approach, particularly given the possibility of heightened volatility amid the ongoing earnings season.

However, in the event of a rebound, 22400 may act as an immediate resistance, followed by 22600, who continue to advocate a ‘sell on rallies’ strategy.

Any extension of selling pressure, coupled with a fall below Thursday’s low, could pose a major risk to the psychological 22000 mark. A sustained break below 22000 could trigger further panic selling in the Nifty.

All sectoral indices ended in the red with Auto, Energy, FMCG, Infra, Media, Metal, Oil & Gas, Pharma, Realty down 2-3%.