Daily Market Quote: 08 October 2026

Authored By Prime Research | Published at: Oct 8, 2026 04:30 PM IST

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Nifty tanked around 371 points on the backdrop of sharp weakness in global markets on Thursday and closed the day at new swing lows.

A long bear candle was formed on the daily chart that signals sharp reversal in the market on the downside after the formation of new lower top recently at 22776 levels.

Weakness of the last two sessions coincides with faster downside retracement which indicates more weakness ahead. The crucial long-term trend line support around 22400 as per weekly chart has been broken down decisively so far.

The short-term trend of Nifty remains negative. Further follow-through weakness from here could drag Nifty down to 21800-21700 levels in the near term. Any bounce back could find strong overhead resistance around 22500 levels.

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