The Indian stock market witnessed sharp selling pressure on Monday as weak global cues, rising geopolitical tensions in the Middle East and cautious investor sentiment dragged benchmark indices lower for the third straight session. Market sentiment also turned cautious after Prime Minister Narendra Modi’s speech emphasizing austerity measures to control US Dollar outflows.
The NSE Nifty 50 plunged 359 points, or 1.49%, to close at 23,816, while the BSE Sensex crashed 1,312 points, or 1.70%, to settle at 76,015. The Bank Nifty index also witnessed heavy profit booking, falling 832 points or 1.51% to end at 54,478.
Selling pressure remained broad-based across sectors. Realty, energy and auto stocks witnessed sharp weakness, while defensive sectors such as pharma and FMCG showed relative resilience. Broader markets also remained under pressure as both midcap and smallcap indices declined more than 1%, reflecting weak overall market participation.
What Gift Nifty Indicates Today
Gift Nifty opened sharply lower at 23,745 and slipped to an intraday low of 23,596, signalling another weak start for Dalal Street. Around 7:30 AM, Gift Nifty was trading near 23,650, indicating a likely gap-down opening for the Indian stock market.
The derivatives setup suggests that Nifty may test the crucial support zone of 23,600–23,500 during today’s session.
Stock Market Outlook Today
According to Vaishali Parekh, market sentiment remains highly cautious amid renewed geopolitical concerns and persistent selling pressure.
She noted that the Nifty 50 has slipped below the psychologically important 24,000 mark and is now trading near the critical support zone of 23,800. Sustaining above this level remains crucial for market stability.
Parekh believes that a decisive breakdown below 23,800 could intensify selling pressure further in the coming sessions. On the upside, the 24,300 zone continues to remain a major resistance hurdle for the Nifty.
Nifty 50 Technical Outlook
| Levels |
Zone |
| Immediate Support |
23,800 |
| Major Support |
23,600 – 23,500 |
| Immediate Resistance |
24,000 |
| Strong Resistance |
24,300 |
Bank Nifty Technical Outlook
Vaishali Parekh highlighted that Bank Nifty also witnessed aggressive profit booking and has now approached the crucial support zone near 54,400.
According to her, sustaining above 53,500 remains important to maintain the broader bullish structure intact. However, the banking index continues to face strong resistance near the 57,200 level, which coincides with the 200-period moving average.
Bank Nifty Key Levels
| Levels |
Zone |
| Immediate Support |
54,400 |
| Major Support |
53,500 |
| Immediate Resistance |
55,500 |
| Strong Resistance |
57,200 |
Market Strategy Today
With Gift Nifty indicating another weak opening and geopolitical tensions keeping global markets volatile, traders are advised to remain highly selective.
Defensive sectors may continue to outperform, while high-beta sectors could remain under pressure. Analysts suggest traders should avoid aggressive bottom-fishing and instead focus on disciplined, level-based trading strategies until market stability returns
