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Nifty Pullback Likely Over Breakdown Below 22,000, Says SBI Securities' Sudeep Shah
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Moneycontrol•03-10-2026, 07:17
Nifty Pullback Likely Over Breakdown Below 22,000, Says SBI Securities' Sudeep Shah
- •SBI Securities' Sudeep Shah suggests Nifty is more likely to see a short-term pullback or consolidation than a breakdown below 22,000 next week, despite a bearish broader trend.
- •The 22,150-22,100 zone is critical support for Nifty, with oversold conditions and a widened gap from the 20-day EMA indicating potential for a rally or consolidation.
- •Bank Nifty's 54,000–53,700 zone is a crucial support; holding above it increases pullback probability, with 55,000–55,200 acting as immediate resistance.
- •Shah advises caution on Siemens Energy until a decisive breakout from its 3,158–3,358 range, and notes weakening trend strength in Welspun Living despite new highs.
- •Mphasis needs to break above its 20-day EMA (2,280–2,290) for recovery to gain strength, while Havells India's bullish harami pattern near 1,040–1,010 needs follow-through for confirmation.
Key Questions Answered
Despite the broader bearish trend, the probability of Nifty decisively breaking below 22,000 in the immediate week appears relatively low due to oversold conditions and stretched downside levels. However, the 22,150-22,100 zone will serve as a critical support area to watch.
For Bank Nifty, the 54,000–53,700 zone remains a crucial support area, and as long as it holds above this band, the probability of a pullback remains high. On the upside, the 55,000–55,200 zone will act as an immediate hurdle.
Foreign Institutional Investors have continued intense selling activity, offloading thousands of crores and pushing cumulative outflows to a massive Rs 1,51,804 crore in 2026, reflecting a sustained risk-off sentiment among global investors.
