Nifty Slides 601 Points, Signals Fresh Breakdown
By HDFC SKY | Updated at: Mar 23, 2026 06:38 PM IST
Open Free Demat Account
After showing minor bounce back amidst volatility on Friday, Nifty witnessed another day of bloodbath on Monday and closed the day lower by 601 points. After gap down opening, the market slipped into further weakness and later range bound action for better part of the session. An attempt of bounce back has failed to sustain and Nifty eventually closed near the lows.
A long bear candle was formed on the daily chart with gap down opening. This market action signals a decisive breakdown of immediate support around 23000-22900 levels. The bearish pattern like lower tops and bottoms continued on the daily chart and present weakness could be in line with the new lower bottom of the sequence. But, there is no confirmation of any lower bottom reversal forming at the lows yet.
The underlying trend of the market continues to be down. Nifty is currently placed at the edge of the support at 22500 (previous opening upside gap of 11 April 2025). Hence, further weakness from here could drag Nifty down to next crucial lower supports of 22000-21800 levels in the near term. Immediate resistance is now placed at 22700-22800 levels.
Disclaimer
At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please Note: The information shared is intended solely for informational purposes and does not make any investment recommendations
If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.
Please Note: The information shared is intended solely for informational purposes and does not make any investment recommendations
