The Nifty 50 index closed 0.34% lower at 23,398, indicating ongoing weakness despite a recovery from intraday lows. According to latest reports from LiveMint, the index staged a 0.72% recovery from its intraday low but remained in negative territory, while the Sensex finished 0.16% or 148 points lower at 74,754. The recovery was aided by a sharp pullback in global crude prices, with Brent crude dropping 2.3% to $105.14 per barrel after crossing the $108-per-barrel mark earlier. US West Texas Intermediate (WTI) crude also declined 2% to $100.46 per barrel, providing relief to oil-dependent sectors.
Technical analysts are closely monitoring critical support and resistance levels for the Nifty 50. As per LiveMint, immediate support is placed at 23,200–23,250, which represents an important recent swing-low zone. Jigar S Patel from Anand Rathi Share and Stock Brokers notes that if this support breaks decisively, the next supports are positioned around 23,000–22,900, followed by 22,400. Hitesh Tailor from Choice Broking identifies the immediate and important support zone around 23,000–23,070, which aligns with the previous higher-low structure. The index is currently trading below all key EMAs, keeping the short-term structure weak, with momentum indicators remaining weak with RSI near 25 and DMI showing bearish dominance.
On the upside, immediate resistance is seen at 23,500, where the index has previously found support and may now face selling pressure. According to technical experts, above this level, the major resistance zone is 24,000–24,100, representing a cluster of key moving averages. A sustained move above 24,100 can improve the structure and open the way towards 24,300–24,350. Patel predicts that a decisive break below the 23,200–23,250 support could extend the correction further, while Tailor advises that fresh buying should preferably be considered only after the index starts forming a base and regains key technical levels.
The Nifty 29 September 2026 futures closed at 23,499, trading at a premium of 100.9 points compared to the Nifty's cash market closing of 23,398.10. According to the latest reports from Business Standard, this premium indicates positive sentiment in the futures market despite the cash index's significant decline. The September 2026 F&O contracts are scheduled to expire on 29 September 2026. The futures market continues to show strength even as the underlying cash market faces technical challenges.
Market experts are advising a cautious approach given the current technical setup. Tailor from Choice Broking believes aggressive dip-buying should be avoided and recommends a staggered approach, suggesting investors wait for the broader market to show signs of stabilisation rather than attempting to catch the bottom. The improvement in sentiment came alongside the decline in international crude prices, with the recovery aided by buying interest at lower levels after the recent market decline pushed the benchmark indices into oversold territory. However, momentum indicators remain weak, with RSI near 25 and DMI showing bearish dominance, suggesting continued downside pressure.
