The session never really found its footing. Selling kept expanding as the day progressed. What started as global pressure turned into full-blown risk-off locally. Rising crude near $115, weak INR at 94.77, and elevated bond yields added to the stress. Breadth stayed extremely poor (570 vs 2764), and when banks break this sharply, it drags sentiment across the board. Exactly what we saw. No sector offered safety. Even defensives couldn’t absorb the pressure. Structure-wise, Nifty closing near 22330 puts it right at a crucial zone. This isn’t just a dip, it’s a test of whether buyers have conviction left. Key trigger ahead: global cues + follow-through selling vs value buying at these levels. From here on it isn’t about direction, it’s about reaction at support.

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