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Nifty Faces Crucial Test: Bulls on Backfoot as Index Drops to Six-Month Low
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CNBC TV18•29-09-2026, 08:34
Nifty Faces Crucial Test: Bulls on Backfoot as Index Drops to Six-Month Low
- •Nifty bulls are on the backfoot as the index declined nearly 6% in the September series, closing below 23,000 and reaching a six-month low.
- •The last 30 minutes of today's session are crucial due to NSE rebalancing coinciding with the Closing Auction Session (CAS).
- •Analysts believe a short-covering move requires Nifty to close above 23,000; otherwise, it could drop towards 22,500.
- •Nifty Bank is fighting to defend 54,000, with a close above 55,000 needed for relief.
- •Primary market activity continues with new IPOs and listings, alongside ongoing block deals for stocks like BSE, Wipro, and Vodafone Idea.
Key Questions Answered
The Nifty is expected to open around the 22,800 mark as it heads into the monthly expiry of the September series.
Analysts believe a short-covering move will only occur once the Nifty closes above the 23,000 mark.
The Nifty Bank is currently fighting to defend the 54,000 level on the downside.
