Metal, Reality, and PSU Banks indices lost the most, shedding over 4 percent.
Shrikant Chouhan,
Head Equity Research,
Kotak Securities:
Mumbai, March 23, 2026: Today, the benchmark indices corrected sharply. The Nifty ended 602 points lower, while the Sensex was down by 1837 points. Among sectors, all the major sectoral indices registered profit booking, but Metal, Reality, and PSU Banks indices lost the most, shedding over 4 percent.
Technically, on the back of weak global sentiment, our market opened well below the crucial 23,000/74500 support mark. Post breakdown, selling pressure intensified. On daily charts, it has formed a long bearish candle, and on intraday charts, it is holding a lower top formation, which indicates further weakness from the current levels.
We are of the view that the current market texture is weak and volatile for traders. for day traders now, as long as it is trading below 22,700/73300, the weak formation is likely to continue. On the downside, selling pressure may persist until 22,200/71700. Dismissing the 22,200/71700 level could drag the index down to 22,000/71000.
On the flip side, if the index moves above 22,700/73300, a pullback could extend up to 22,850-22,900/73700-73800.
