Nifty slid 95 points, a 0.42% decline, as volatility spiked on Oct 1, pushing the index to its six‑month low.
Banks outperformed: ICICI Bank and Kotak Mahindra Bank jumped, whereas Apollo Hospitals and Max Healthcare fell sharply. Healthcare and Pharma indices trended down, Realty and Private Bank indices found brief relief, and Media outperformed on buying interest.
Nagaraj Shetti of HDFC Securities said the underlying trend remains negative, warning that a break below 22,500 could push the index toward 22,200‑22,100. Sudeep Shah of SBI Securities noted the 22,550‑22,500 zone as immediate support, with a decisive break risking a slide to 22,350.
Rupak De of LKP Securities flagged 22,600 as a crucial support level; a break below it could trigger a sharper correction. Shrikant Chouhan of Kotak Securities added that holding above 22,600‑22,550 could enable a retest of 22,750‑22,800.
The market is expected to stay cautious; sustained trading above 22,600 may extend the pullback toward 22,950, while resistance at 22,800 could spark a temporary rally. Future moves hinge on crude‑oil prices and the 10‑year US Treasury yield.