SBI Securities VP provides technical outlook on Nifty 50 index

The Nifty 50 index lost 2.36% over four trading sessions through October 23. Foreign portfolio investors were net sellers of ₹1,531.45 crore across the five sessions from October 16 through October 23, although they were net buyers of ₹887.65 crore on October 23 alone. Sudeep Shah, vice president at SBI Securities, stated that the index remained below key moving averages and identified support between 22,350 and 22,300, with resistance near 22,800 to 22,850.

The commentary provides technical guidance on the index's near-term trajectory, noting that a sustained move below 22,300 could expose the 22,000 level. Shah also mentioned that the foreign institutional investor long-short ratio in index futures had remained between 8% and 11% since early October.