Nifty50 closed unchanged in the October derivatives series, but mid‑cap and small‑cap indices slid 4% each, underscoring the breadth of the sell‑off.
The benchmark is now 13% down year‑to‑date, the steepest slide in more than a decade, according to data filed by the NSE.
IIFL Capital sees a short‑term bounce when the index creeps into the 23,300‑23,500 zone, but flags that a sustained surge beyond 23,480 would require a sentiment‑boosting catalyst.
Nuvama notes a shift in foreign positioning, with short positions in Nifty futures falling from 267,000 to 221,000 contracts, suggesting a move away from aggressive bearish bets.
IIFL Capital points to IT stocks rallying 16.3% during the month, the biggest support for the benchmark amid rising oil prices and a muted AI trade.
Sector analysts warn that elevated crude prices and the continued appetite for AI‑linked stocks could keep the rally in check, but the November derivatives series offers a window for a bounce if the index breaks above 23,480.