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Nifty Stays Below 23,000 as Analysts Warn of Correction
India’s Nifty stock index fell below 23,000 for the second day in a row.
It reached 22,569, its lowest level in about six months.
Foreign investors have been selling Indian shares for three straight sessions.
They sold shares worth more than Rs 5,353 crore on September 28.
High oil prices, the West Asia conflict, high bond yields and investor selling are hurting confidence.
Oil was trading above $107 per barrel, which matters because India imports most of its crude oil.
Some analysts think the market could bounce briefly because it has fallen sharply.
However, they generally say the larger trend remains weak unless Nifty moves back above important resistance levels.
Nifty fell to a six-month low of 22,569 and remained below 23,000 for a second day.
Foreign institutional investors sold more than Rs 5,353 crore on September 28, their third consecutive session of selling.
The index is down 13.62% in 2026 and could record its weakest annual performance in 15 years.
Analysts cited high crude prices, the West Asia conflict, elevated bond yields and foreign outflows as key pressures.
Analysts identified support around 22,650–22,700, while warning that a break could push Nifty toward 22,500 or lower.
- Who
- The Nifty index, foreign institutional investors and market analysts including Ponmudi R, Rupak De and Anand James.
- What
- Nifty fell below 23,000 for a second day, reaching 22,569, while analysts assessed the possibility of further correction.
- Where
- The Indian stock market.
- When
- September 28, 2026, with the index down 13.62% in 2026.
- Why
- Selling by foreign institutional investors, high crude oil prices, the West Asia conflict and elevated bond yields have weakened sentiment.
Further Correction Likely
Possible Near-Term Pullback
Immediate market direction
Further Correction Likely
Ponmudi R said the near-term technical outlook remains bearish, with selling potentially intensifying below 22,700 and Nifty possibly moving toward 22,500.
Possible Near-Term Pullback
Analysts said oversold conditions could produce an intermittent or near-term pullback, with Rupak De citing a possible move toward 23,020.
Conditions for recovery
Further Correction Likely
Rupak De said 23,000 may act as strong resistance, while the broader trend remains weak unless Nifty reclaims 23,150.
Possible Near-Term Pullback
Anand James said a near-term pullback toward 23,020 cannot be ruled out, although he also described the broader trend as weak.
Key facts
- Nifty low
- 22,569, a six-month low
- Nifty performance
- Down 13.62% in 2026
- Foreign investor selling
- More than Rs 5,353 crore on September 28
- Crude oil price
- Above $107 per barrel
- Key support
- 22,650–22,700; another cited support is 22,500
- Key resistance
- 23,000, with 23,150 identified as a broader trend-reversal level
- Possible downside
- Anand James said a break below 22,600 could accelerate the decline toward 21,800
Quotes
Anand James
Chief Market Strategist at Geojit Investments
“On the downside, 22,700 remains the crucial support zone. A decisive break below this level could intensify selling pressure and expose the index to the next support around 22,500. Overall, the near-term technical outlook remains bearish. Although oversold conditions could trigger intermittent pullback attempts, the broader structure is likely to remain under pressure as long as the index trades below 23,000.”
businesstoday.in
“With momentum indicators entering the oversold zone, a near-term pullback towards 23020 cannot be ruled out. However, the broader trend remains weak unless 23150 is reclaimed. While a break below 22600 appears less likely today, any such move could accelerate the decline towards the 21800 region.”
businesstoday.in
Sources
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