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Indian equities faced a sharp sell-off as surging crude prices and persistent foreign investor outflows weighed on sentiment. With macros continuing to show that the trends ahead could be sketchy we need to move ahead carefully.
On 8 October 2026, Indian equities witnessed a sharp downturn as global headwinds and relentless foreign investor selling weighed heavily on sentiment. The Nifty 50 closed at 22,231.80, down 371 points or 1.64%, while the Sensex tumbled 1,045 points or 1.44% to 71,593.24, marking its weakest close in months.
PNBHOUSING: Buy above ₹1153, stop ₹1090 target ₹1260 (Multiday)
HINDALCO: Sell below ₹890, stop ₹929 target ₹815 (Multiday)
Selling was broad-based, with metals, realty, oil & gas, and consumer stocks leading declines, while IT counters showed relative resilience, with Infosys and Tech Mahindra managing modest gains.
Broader markets also came under pressure, with midcap and small-cap indices slipping over 2 percent, underscoring weak market breadth. Crude prices surged past $104 per barrel, intensifying inflation concerns, while the rupee remained under strain amid narrowing yield differentials and elevated US Treasury yields near 5.3 percent. Analysts cautioned that the Nifty’s break below 22,250 highlights vulnerability, with support seen near 22,000, suggesting that any rebound should be treated as corrective rather than a trend reversal.
The bearish tones that emanated from the geopolitical newsflows have impacted the way the markets are going to behave in the next few days. The worsening scenario that is shown by the rising Brent Crude , depreciating USDINR and the new high flashed in US Bond yields we could be looking at a challenging scenario for the equity markets in the coming days.
Technically, the index has broken below the Ichimoku cloud, confirming bearish momentum, while the RSI at 27.55 signals oversold conditions, suggesting that selling may have been overextended in the short term. Option statistics reinforced the defensive tone, with heavy call writing observed at the 22,400 and 22,500 strikes, capping upside potential.
On the put side, significant open interest was concentrated at 22,200 and 22,000, indicating traders are positioning for further downside while protecting against sharp declines. The advance-decline ratio remained weak, highlighting poor market breadth. Elevated crude prices above $104 per barrel and persistent foreign investor outflows added to the pressure, while the rupee stayed under strain. Overall, the technical setup points to vulnerability, with support near 22,000 and resistance around 22,400–22,500, making selective, risk-managed trades the prudent approach.
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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