On a Thursday in early May, Indian equities closed lower for the fifth straight session, as the Nifty 50 slipped beneath the 22,000 mark and the Sensex shed more than a thousand points. The decline, carried by weak sentiment from abroad, reached well beyond the largest companies, reminding observers that markets often reveal their unease most clearly when fear spreads quietly through the smaller names. Analysts, meanwhile, turned toward the familiar human hope that a bruised market will find its footing, offering technical levels and five stock picks as signposts through uncertainty. Whether t
Nifty Slips Below 22,000 for Fifth Straight Session as Analysts Flag Support Levels and Five Trade Ideas
The selling was not confined to the biggest names.
Mark
Five straight down sessions. Is that the headline, or is something else going on underneath?
Mimi
The breadth is the thing underneath. The advance-decline ratio fell to 0.17:1, the lowest since March 13, and broader indices fell more than the Nifty. The selling was wide.
Mark
And volumes rose to ₹1.02 lakh crore on the NSE cash market.
Mimi
Yes, so this was active selling, not a quiet drift lower.
Luke
Careful with what that proves. The report gives the volume figure but no comparison to an average, so we can't say how heavy it really was.
Mark
Analysts call both Nifty and Bank Nifty oversold. Does that mean a bounce?
Mimi
Ganesh Dongre says if the 21,800 to 21,900 support holds, upside is possible, with short covering likely.
Luke
That's one analyst's technical read, conditional on support holding. It's not a forecast the data confirms.
Mark
What about the VIX at 22?
Luke
That's Sumeet Bagadia's expectation, and it depends on a decisive break above 19. The VIX touched 19.17 and fell back, so it hasn't happened.
Mimi
The five stock picks carry the same caveat. They're broker opinions, and Mint says explicitly they aren't its views.
El Pulso
- The Nifty 50 closed at 21,957 after a 345-point fall, marking five straight sessions of losses.
- The Sensex plunged 1,062 points to 72,404 as selling pressure swept across the market.
- Only 0.17 advancing stocks existed for every declining one, the weakest breadth since March 2024.
- Analysts are watching the 21,800 to 21,900 support zone, where a hold could trigger a short-covering rebound.
- The India VIX hovers near 19, and a decisive break above it could push volatility toward 22.
On a Thursday in early May, Indian equities closed lower for the fifth straight session, as the Nifty 50 slipped beneath the 22,000 mark and the Sensex shed more than a thousand points. The decline, carried by weak sentiment from abroad, reached well beyond the largest companies, reminding observers that markets often reveal their unease most clearly when fear spreads quietly through the smaller names. Analysts, meanwhile, turned toward the familiar human hope that a bruised market will find its footing, offering technical levels and five stock picks as signposts through uncertainty. Whether those signposts prove true will depend on a patient testing of support that no forecast can guarantee.
By Thursday's close, the Nifty 50 had slipped below 22,000 for the first time in this losing run, settling at 21,957 after a fall of 345 points. It was the fifth consecutive session in the red, and the pull of weak global sentiment was felt almost everywhere.
The Sensex gave up 1,062 points to end at 72,404, and the Bank Nifty dropped to 47,487. Heavy trading on the NSE suggested that plenty of money was moving through the decline. The damage was not limited to the giants. Broader indices fell harder than the Nifty, and the advance-decline ratio collapsed to 0.17:1, its weakest reading since March 13, 2024.
Analysts saw a floor forming. Ganesh Dongre of Anand Rathi noted that the index sat near support between 21,800 and 21,900 and called it oversold, with resistance waiting at 22,500 to 22,600. Sumeet Bagadia of Choice Broking watched the India VIX, which touched a 52-week high of 19.17 before retreating, and he believes a clean break above 19 could drive volatility toward 22.
The analysts also offered stock ideas, including Infosys, Sun TV, ITC, Aegis Logistics and TVS Motor, each with targets and stop losses. These are opinions of individual analysts and brokerages, not Mint's views, and readers are urged to consult certified experts before acting. The question for Friday is whether the 21,800 to 21,900 zone holds, and whether fear, measured by the VIX, finally gives way.
By the close on Thursday, the Nifty 50 had slipped under the 22,000 mark for the first time in this run, settling at 21,957 after a fall of 345 points. It was the fifth consecutive session of losses for Indian equities, and the weight of weak global sentiment was felt across the board.
The BSE Sensex gave up 1,062 points to finish at 72,404. The Bank Nifty, which follows the banking sector, dropped 533 points and ended at 47,487. Cash market volumes on the NSE rose to ₹1.02 lakh crore, a sign that plenty of money was changing hands during the decline.
The selling was not confined to the biggest names. Broader market indices fell by more than the Nifty 50, and the advance-decline ratio, which compares rising stocks to falling ones, dropped sharply to 0.17:1. That is its lowest reading since March 13, 2024.
Looking ahead to Friday, Ganesh Dongre, Senior Manager for Technical Research at Anand Rathi, noted that the Nifty closed near a support zone of 21,800 to 21,900. The day opened with a gap down and saw profit booking through the session. Dongre described the index as oversold and said that if it holds that support, upward movement could follow, with the next resistance at 22,500 to 22,600. He also expects possible short covering in coming sessions. On the Bank Nifty, he said it too is in oversold territory, with resistance at 48,500 and support at 47,500.
Sumeet Bagadia, Executive Director at Choice Broking, turned to volatility. The India VIX is trading in a 17 to 19 range, he said. It touched a new 52-week high of 19.17 but could not hold above 19 and retraced. A decisive break above 19, in his view, would set off a fresh and strong rise in the index, which he expects could reach 22 in the short term.
The two analysts also put forward five stocks to buy. Bagadia chose Infosys at ₹1,439.50 with a target of ₹1,512 and a stop loss of ₹1,400, citing a bullish reversal from the bottom on strong volume and an RSI of 43.3 that is trending up. He also picked Sun TV at ₹656.80, targeting ₹704 with a stop loss of ₹629. The stock has rebounded from support at ₹629, near its 50-day EMA, trades above its 20-, 50- and 200-day EMAs, and faces minor resistance near ₹670.
Dongre's choices were ITC at ₹429, targeting ₹440 with a stop loss of ₹418, where he sees significant support. Aegis Logistics was recommended at ₹580, with a target of ₹630 and a stop loss of ₹560, on a bullish reversal pattern. TVS Motor was recommended at ₹2,065, with a target of ₹2,150 and a stop loss of ₹2,010, after a bullish candlestick pattern formed.
These are the views of individual analysts and brokerages, not of Mint, which advises readers to consult certified experts before investing. What to watch on Friday is whether the Nifty holds the 21,800 to 21,900 zone and whether the India VIX pushes decisively above 19.
Citas Notables
If Nifty holds the 21,800-21,900 support, upward movement can be seen in the coming days, and the index is in an oversold zone.— Ganesh Dongre, Anand Rathi
A decisive breach above 19 would trigger a fresh, strong upside in India VIX, which could touch 22 in the short term.— Sumeet Bagadia, Choice Broking
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