Nifty 50 began today’s session with a considerable gap-down at 22,824 compared to last week’s close of 23,115. The index fell further after opening and is now trading at 22,580, down 2.3 per cent by the end of first hour of today’s trade.

Out of the 50 stocks in the index, only 4 are in the green so far. ONGC (up 1 per cent) and HCL Technologies (up 0.9 per cent) are the top gainers. At the other end, Adani Ports, Shriram Finance and Tata Steel, down by 4.5 per cent each, are the top losers.

Indicating a broad-based sell-off, all the sectoral indices are in the red. Nifty Metal and Nifty PSU Bank, down 4 per cent each, are the weakest sectors so far today.

Volatility has shot up supporting the bearish inclination. India VIX has risen nearly 15 per cent to 26.20 in today’s early trade.

Nifty 50 futures

The March expiry Nifty futures opened today’s session substantially lower at 22,821 versus Friday’s close of 23,141. It fell after opening and is now trading at 22,600, down nearly 2.4 per cent.

The signals are clearly bearish and although the contract has declined over 2 per cent, further fall cannot be ruled out given the strong downward momentum. That said, there could be a corrective rally, possibly to 22,750-22,800 price region.

A fall from either the current level of 22,600 or after a rise to 22,750, can drag Nifty futures to 22,200. A breach of this can take the contract to 22,000. That said, the potential fall to 22,000 might take a few more sessions to materialise. 

From an intraday trading perspective, traders can have higher levels as targets for short positions. Below is our recommendation.

Trading strategy

Short Nifty futures (March) if it rises to 22,750. Target and stop-loss 22,400 and 22,875 respectively. In case neither of these levels are triggered today, traders can carry the position for tomorrow’s session. 

Supports: 22,200 and 22,000

Resistance: 22,750 and 22,800

Published on March 23, 2026