Sensex closed down 2.22%; Based on the current market structure, 22,500/72,500 could pose a significant hurdle for the market in the short term. Below these levels, the market could soon decline to 22,100/22,000/71,300/71,000.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, March 30, 2026: Today, the Nifty fell 488 points, and the Sensex closed down 2.22%. This was a massive sell-off; only 73 stocks advanced, while 2,753 declined. We haven't seen such dire conditions in several months. The Bank Nifty was down more than 3.50% due to the RBI's new rules limiting net positions in the onshore currency market.
Technically, the market broke a key support line at 22,500/72,500 and closed at 22,331/71,947. Based on the current market structure, 22,500/72,500 could pose a significant hurdle for the market in the short term. Below these levels, the market could soon decline to 22,100/22,000/71,300/71,000. A close below 22,000/71,000 would raise further concerns. However, given the current pattern of sudden price declines in a short period of time, medium- to long-term investors may be tempted to invest in certain stocks. Above 22500/72500, we may see some short covering, which could take the index towards 22700/73100 levels.
The strategy should be to buy certain stocks between 22100-22000/71300-71000.
