The market’s short-term trend remains weak, although temporarily oversold conditions could trigger a pullback, analysts say. By Meghna Sen September 28, 2026, 6:25:35 PM IST (Published) 2 Min Read Nifty bears strengthened their grip on the market on Monday, with the benchmark index falling decisively below the 23,000 mark as selling pressure intensified. The Nifty declined 1.56%, marking its steepest intraday fall since July 8, 2026.
The sharp correction also saw the index breach a key support level, with weakness in the banking and financial services space contributing to the decline. Among Nifty constituents, Dr. Reddy’s Laboratories and Infosys were the top gainers, while Tata Motors Passenger Vehicles (TMPV) and Adani Enterprises featured among the biggest losers.
All major sectoral indices ended lower, with Nifty PSU Bank, Nifty Realty and Nifty Financial Services leading the decline. The broader market also remained under pressure, with the Nifty Midcap 100 and Nifty Smallcap 100 both falling more than 1.60%. Going ahead, the near-term outlook for Indian equities remains cautious, with global cues, elevated crude oil prices and rising bond yields likely to remain key factors for investors.
Brent crude rose more than 3.8% to around $108 a barrel, adding to concerns over inflation and global supply. Geopolitical tensions in the Middle East are also keeping oil-market risks elevated, with developments around Iran and the Strait of Hormuz likely to remain in focus. Renewed security threats from Houthi rebels in the region could further add to concerns around crude prices and inflation.
Sudeep Shah of SBI Securities said the 22,900-22,950 zone will be a crucial resistance area for the Nifty going ahead. As long as the index remains below 22,950, the prevailing bearish trend is likely to remain intact, with the index potentially moving towards 22,650 and then 22,500, he said. Shrikant Chouhan of Kotak Securities said the market’s short-term trend remains weak, although temporarily oversold conditions could trigger a pullback.
For day traders, 22,800 is a key level to watch, he said. A sustained move below this level could keep sentiment weak, with support at 22,650-22,550. On the upside, a move above 22,800 could trigger a bounce towards 23,000-23,050, Chouhan said.
Rupak De of LKP Securities said sentiment remains extremely weak, with rising US bond yields and crude oil prices adding to the negative bias. Immediate support for the Nifty is placed at 22,650-22,700, below which the correction could extend further in the near term. On the upside, 23,000 is likely to act as a strong resistance level, he said.
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