StockEdge Morning Market Report | Wednesday, 1 April 2026

Nifty closed at 22,331.40, down 488 points (-2.14%). As flagged on Monday, PSU Banks led the damage, falling 4.56%. FII sold a record ₹11,163 Cr; India VIX closed at 27. Bank Nifty crashed 1,999 points (-3.82%) to close at 50,275.

Nifty 50
Technically Nifty has broken the previous low and made a fresh new low on Monday with an accelerated selling. The positive development here is that the indicatators ( RSI , Stochastics ) which has been in the deeply oversold zone has not made a new low. Both the indicators maintained its base while prices made new low. We may see a some reflex action to the fall. Given the geo-political developments, Gift nifty ( up 350+ ) points – and the elevated VIX levels – the recovery is expected to be sharp – a V shaped recovery. 22800 and 23250 are expected to act as resistances in any recovery pullback action. Support lies at 22000 .

Bank Nifty
Bank Nifty saw a water fall on Monday. The RBI forex cap adds a fundamental headwind to an already broken structure. 52-week low of 49,157 is now within striking distance. We may see a pullback , but overall strong bottom sign formation is still pending here.

Conclusion – We may see a quick sharp recovery given the geo – political developments, oversold breadth indicators and other factors. It doesn’t imply a trend change though yet.