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Nifty sell-off in final capitulation phase; reversal may lift index to 23,800: Rohit Srivastava
CNBC-TV18 54 min ago·8 Oct 2026, 10:45 am
The Nifty 50 is currently undergoing a sharp correction, with experts suggesting this phase represents a final, widespread "capitulation" where investors give up hope and sell aggressively. This selling pressure has pushed the index lower, but it also signals that the worst of the decline may be over.
This shift in market sentiment is significant for investors because a confirmed reversal could trigger a fresh rally. Analysts predict that once the selling exhausts itself, the index could rebound towards the 23,500-23,800 range. Additionally, a stable U.S. dollar and a steady USD/INR pair could provide further support to Indian equities.
Investors should watch for a clear breakout above recent resistance levels. A sustained move higher would validate the reversal thesis, while continued weakness below key support zones could indicate further downside before a recovery takes hold.
Excerpt from CNBC-TV18
Rohit Srivastava of Indiacharts.com and Strike Money sees Nifty support at 22,180 and 21,780 and expects the next confirmed reversal to lift the index towards 23,500-23,800. He also sees limited upside in the dollar index and USD/INR, which could help ease pressure on Indian equities. Disclaimer: The views and tips…Read the original at CNBC-TV18
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