Nifty Index 29 September 2026 Technical Outlook

Nifty 50 continues to exhibit a strong bearish trend, with the index facing sustained selling pressure on the 120-minute chart. The recent sharp breakdown below the 23,050 Pivot has strengthened the bearish structure and indicates continued dominance of sellers. The index has formed successive weak candles after losing the crucial Pivot, highlighting the absence of meaningful buying support at lower levels. As long as Nifty sustains below 23,050, the near-term risk remains firmly tilted towards further downside. The immediate downside focus is placed at the 22,750 Support, and a decisive break below this level could accelerate the selling momentum further. On the upside, 23,300 remains the key Resistance, and any recovery towards this zone is likely to face selling pressure. A sustained move above 23,300 would be required to weaken the current bearish setup and signal potential trend stabilisation. Until such a breakout occurs, traders should remain cautious on aggressive long positions and adopt a sell-on-rise approach. The broader price structure continues to favour the bears, as every recovery attempt is facing selling pressure near higher levels. Weak momentum, lack of sustained buying interest and the failure to reclaim the broken Pivot indicate that sellers remain firmly in control. A sustained move below 22,750 could open the door for further downside towards lower support zones, while a temporary bounce from this level should be viewed cautiously unless accompanied by strong price confirmation and follow-through buying. Overall, the technical structure remains strongly bearish, with bears retaining control below the 23,050 Pivot. Traders should therefore maintain a cautious stance, avoid aggressive bottom-fishing and closely monitor 22,750 Support and 23,300 Resistance for the next directional move