India’s Nifty 50 closed at 22,600.00 on Oct. 23, while Geojit Financial Services Chief Market Strategist Anand James told The Economic Times a breach of 22,070 could expose the index to 21,500.
The National Stock Exchange of India listed the reading in its Oct. 26 circuit-breaker table.
In the Oct. 26 interview, James said a recovery above 22,800 early in the week would ease his bearish view. If the index falls through 22,070, he said, his chart analysis points to 21,500.
The Economic Times reported that James linked the benchmark’s relative resilience to support from a handful of heavyweight shares, particularly technology companies. Small- and mid-cap indexes, he said, had slipped below recent lows. NSE Indices calculated the Nifty 50’s share of free-float market value in NSE-listed stocks at about 53.73% as of March 30, 2026.
For HDFC Bank, James said the shares had moved below an upward trendline formed after their recovery from the 2020 COVID-19 lows. He placed the stock’s trading band at ₹680 to ₹750, with major chart support around ₹640.
James said the Nifty IT had cleared the 31,990 level, but the move had not yet become broad-based. He pointed to a weakening MACD histogram, a bearish candle on Oct. 23 and an average Relative Strength Index (RSI) above 70 for Tata Consultancy Services (TCS), Infosys, Wipro, HCL Tech and Tech Mahindra as signs of possible fatigue.
James also said Bank Nifty could revisit 53,700. He viewed private banks as better placed than public-sector banks, while describing the sector’s broader technical picture as cautious. The chart levels he identified put focus on whether the Nifty regains 22,800 or falls through 22,070, and whether Nifty IT holds above 31,990.
