Nifty Tumbles 775 Points as Geopolitical Risks Hit Sentiment

Authored By HDFC SKY | Last Modified: Mar 19, 2026 05:22 PM IST

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After witnessing a sustainable bounce back in the last three sessions, Nifty tanked heavily on Thursday amidst rising middle-east conflict and closed the day lower by 775 points. After opening with a downside gap of 580 points, the market made an attempt to recover in the early part of the session. Sharp selling has triggered further in mid to later part of the session and Nifty finally closed the day sharply lower with minor recovery note.

A reasonable bearish candle was formed on the daily chart with upper and lower shadow and the opening huge downside gap remains partially filled. The new swing low has been formed near the previous opening up gap support (15th April 2025) of around 22900 levels and that led to minor recovery.

The overall chart pattern of Nifty remains weak and Wednesday’s high of 23862 could now be considered as a new lower top of the pattern. As per this bearish pattern, one may expect further weakness in Nifty in the near term. A slide below 22900 could open the next downside target of 22500 levels in the near term. Immediate resistance is placed at 23350 levels.

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