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Nifty 50 falls 1.6% and drops below 23,000 support

Analysts at Master Capital Services said the breach of the 23,000 level could extend losses toward 22,500 before any sustained recovery above 23,000.

Reported · Written up by our desk · Asia

LiveMint Markets reports the Indian stock market saw sharp selling pressure on Monday, September 28, with the Nifty 50 down 1.6% to close at 22,780, breaking below the 23,000 psychological support level.

The sell-off was broad, with mid- and small-cap segments also ending lower, while Master Capital Services noted that the technical structure remains bearish, showing lower highs and lower lows.

The outlet also cites Master Capital Services AVP-Research Vishnu Kant Upadhyay saying the breach below 23,000 could open the door to further downside toward 22,500, the next major support zone, and that recovery above 23,000 would be needed to ease near-term weakness.

With sentiment weak, Master Capital Services recommended a stock-specific approach for the next 1 to 2 weeks, including M&M, Engineers India, and Dr Reddy's Laboratories.

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