Archive · 22 Sep 2026
Nifty Ends Winning Streak as 23,500 Resistance Holds Firm
The Nifty is a measure of how important Indian company shares are performing.
On Tuesday, it fell after rising for four days in a row.
Investors sold shares when the index got close to 23,500.
Experts say 23,500 and 23,600 may be difficult levels for the Nifty to cross.
They also say the index could fall toward 23,200, 23,100 or even 23,000.
The wider stock market also ended lower.
Global events, oil prices and foreign investor activity could affect trading.
Investors will also watch new business activity data due on Wednesday.
The Bank Nifty index is moving in a narrow range and has its own resistance near 56,700 to 56,800.
The Nifty fell 85 points to 23,329 on Tuesday, ending a four-session winning streak.
The index faced selling pressure after failing to sustain early gains near the 23,500 level.
Analysts identified 23,500–23,600 as key resistance and 23,000–23,200 as important support.
Broader markets weakened, with the Nifty Midcap 100 and Nifty Smallcap 100 closing lower.
Investors will monitor West Asia developments, crude prices, foreign flows, global cues and Wednesday’s PMI data.
- Who
- The Nifty, Bank Nifty, Indian equity investors and market analysts quoted from HDFC Securities, Angel One, LKP Securities and SBI Securities.
- What
- The Nifty declined after failing to break resistance near 23,500, while analysts provided short-term support and resistance levels.
- When
- Tuesday; investors are also watching PMI data due Wednesday.
- Where
- Indian equity markets.
- Why
- Selling emerged near key resistance, while global volatility, West Asia developments, Brent crude prices, foreign fund flows and global market cues may influence the market.
Cautious outlook
Potential recovery
Near-term Nifty direction
Cautious outlook
Nagaraj Shetti, Hitesh Rathi and Rupak De pointed to weak or range-bound conditions, with possible declines toward 23,200, 23,100 or 23,000 if support breaks.
Potential recovery
A move above 23,400 could lead toward 23,600 and higher, while a decisive break above resistance could revive the rally.
Key trading levels
Cautious outlook
The 23,500–23,600 zone is expected to limit recoveries, and a sustained break below 23,000–23,100 could extend weakness.
Potential recovery
Support between 23,000 and 23,300 could help stabilize the index and allow a recovery toward the resistance zone.
Bank Nifty outlook
Cautious outlook
A sustained break below 55,700 could drag Bank Nifty toward 55,200.
Potential recovery
A decisive move above 56,800 could trigger another rally toward 57,400.
- Nifty close
- 23,329, down 0.43% on Tuesday
- Nifty resistance
- 23,500 initially, with stronger resistance around 23,600
- Nifty support
- Analysts cited support zones ranging from 23,300 to 23,000
- Top Nifty gainers
- Coal India and Eternal
- Top Nifty laggards
- Tata Consumer Products and Nestlé India
- Bank Nifty resistance
- 56,700 to 56,800
- Upcoming data
- S&P Global Manufacturing and Services PMI data due Wednesday