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Trends remained in distress as the higher levels were used to supply on a continuous basis. With the markets not behaving as expected the trends ahead will continue to remain in a challenging mode.
On 24 September 2026, Indian markets extended their sharp gap-down opening into the mid-session, with the Sensex plunging 813 points or 1.09% to 74,015.05 and the Nifty 50 slipping 265 points or 1.13% to 23,181.80 by 1:18 pm.
CAPLIPOINT: Buy above ₹2870, stop ₹2750 target ₹3080 (Multiday)
CHALET: Buy above ₹895, stop ₹845 target ₹980(Multiday)
Selling pressure intensified across financials, metals, and insurance counters, dragging benchmarks lower. Financial stocks led the decline, with HDFC Life tumbling over 5% , Bajaj Finance and Axis Bank losing nearly 5% each, and Bajaj Finserv down close to 4%.
Hindalco also joined the losers, sliding more than 2%. Options data reflected defensive positioning, with heavy call writing at 23,300–23,400 strikes and strong put interest at 23,200 and 23,100. Market breadth remained weak, with the Nifty advance-decline ratio at 7:43. Only four Nifty stocks—Cipla, SBI Life, Bharat Electronics, and NTPC—traded in positive territory. Elevated crude prices near $91 and US Treasury yields above 5% further weighed on sentiment, while geopolitical tensions kept risk appetite subdued.
The markets are continuing to showcase hesitation and are slipping at the slightest hint of negative newsflow. As we observe the trends the market action remains pressured to the downside as we await some clarity. Despite the large-scale volatility the trends have been quite active in certain stocks thus making it a very stock specific movement. With the markets remaining restricted heightened stock specific action that could generate some more participation. The wavering global news continues to curb the trends to proceed higher clearly indicating that there is a need to adopt a restrained market approach.
With the trends remaining uncertain the expectation of a positive traction in Bank Nifty and Nifty IT remains elusive. However, the impact of war driven newsflow has prevented Nifty from scaling higher. The Nifty recovery as it heads into the monthly expiry is giving a negative handover to October woods but the rally is seen heading into resistance. A continued move beyond the median line will need a closing above the median line without which further upside is not possible.
We had opined yesterday that “ … The rise witnessed in Bank Nifty is seen struggling as the attempt to hold on is seen fizzling out as bearish pressure is emerging at higher levels.” The trends in Bank Nifty played as per our expectation combined with negative overseas cues to drag the market lower. On the way down, we can continue to expect supports at 23200 as the end of last Tuesday’s range to hold as we had mentioned. The ongoing decline as seen in the chart above will continue to intensify as BankNifty has clearly broken down from the value support region around 56000. As the bearish overhang continues to maintain its grip on the market sentiment, we should now hold back any thoughts of venturing into an investment mode. While the fight between both the groups to claim leadership levels the possibility of the markets turning lower garnered momentum. The rally is being currently being sold into as people are looking for fresh levels to initiate shorts. A move above Tuesdays high would be decisive.
We are now witnessing some buying, however as the series is moving towards a close, we can revise the supports to 22800 where the next set of supports lie. The Put Call Ratio (PCR) has neared 1 in Nifty and Bank Nifty highlighting some strong Put writing as a bottoming approach is being attempted by the bullish camp. With the lack of clarity on trends continue, we need to tread the road ahead carefully.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.
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