Does today's last-hour selling indicate more downside for Sensex, Nifty? Here's what analysts say

Stock market today news: Sensex, Nifty see profit booking in trade. 

• Sensex and Nifty fell over 1 percent amid weak Asian markets.
• Nifty closed at a six-month low, dropping 385 points.
• Rising oil prices and West Asia tensions spooked investors.

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The benchmark stock indices Sensex and Nifty declined more than 1 percent on Wednesday, tracking weak Asian markets amid escalating tensions in West Asia that pushed oil prices higher.

Extending losses for the fourth straight session, the Sensex declined 1,122.66 points or 1.4 percent to settle at 79,116.19. During the day, it slumped 1,795.65 points or 2.23 percent to 78,443.20 before trimming some losses in the later half. However, renewed selling in the last hour dragged the index lower again.

The Nifty dropped 385.20 points or 1.55 percent to close at 24,480.50, its third consecutive session of decline and the lowest closing level in six months. In intra-day trade, it fell 560.30 points or 2.25 percent to 24,305.40.

Market participants said the late-session selling has raised concerns over the possibility of further downside.

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said immediate support for Nifty is placed in the 24,350-24,300 zone, which had acted as a strong base in August 2025.

"Any sustainable move below this zone could result in Nifty extending its weakness towards 24,100, followed by 23,800 in the short term. On the upside, the 24,650–24,700 zone is likely to act as immediate resistance," he said.

Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty continues to decline as rising crude oil prices have unsettled investors.

"The index has remained below the rising trendline on the daily timeframe, indicating increasing pessimism in the market. The RSI remains in a bearish crossover, confirming weak momentum. Immediate crucial support is placed at 24,200–24,000, while resistance is seen at 24,700. In the short term, the trend suggests a sell-on-rise strategy," he said.

Shah said Bank Nifty opened gap down and remained largely range-bound during the session, closing at 58,755, down 1.81 percent. The index has slipped below its 100-day EMA on the daily chart.

"With today’s move, Bank Nifty has fully filled the 1,106-point gap created on February 3 following the India-US trade deal. Immediate support is placed in the 58,200–58,100 zone. Any sustainable move below this zone could result in further weakness towards 57,700, followed by 57,300 in the short term. On the upside, the 59,200–59,300 zone is likely to act as immediate resistance," he added.

Tensions in West Asia intensified with Iran continuing strikes on several Gulf countries in retaliation for the joint attack by Israel and the US. The US and Israel have also carried out fresh strikes on Iran, adding to geopolitical concerns.

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