Selling is broad and participation is weak. This isn’t just an index move. Banks dragging hard with Bank Nifty down ~2.6%, while midcaps also under pressure. Breadth tells the real story: 523 vs 2632. Clear risk-off. Only pockets holding are CPSE, Metals and Oil & Gas, largely commodity-driven resilience. VIX rising alongside price decline = fear expanding, not cooling. Key zone now 22350–22400. If that cracks, downside can open faster than expected.

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