Indian equity markets faced a third consecutive day of selling pressure on Wednesday, sparking a search for support levels among investors. Technical analyst Rohit Srivastava, Founder of Strike Money Analytics & Indiacharts, suggested the market may be poised for a short-term rebound despite the ongoing volatility.
Srivastava, speaking to ET Now, noted the recent breakdown in market indices could lead to further downside, but simultaneously, short-term oversold conditions are emerging. “So, well, the breakdown that we have seen would open up potential downside, but what is also happening simultaneously is that the market is becoming oversold on an extremely short-term basis and, in fact, I would say, very oversold. So, this is giving us a feeling that we may be at a point where we can gain some bounce back or some relief rally in the market. I am not sure whether it will last beyond a day or two or a couple of days, so it might just be a counter-trend move within the entire structure but definitely it will bring some relief or some hope when it happens,” he said.
He indicated the Nifty 50 could attempt to retest 24,600, the critical breakdown point, and potentially move towards 25,000. A similar move in the Nifty Bank could see it approach 60,000. Srivastava cautioned against panic selling, given the extent of the recent declines. “So, we do not really desire to sell into the panic today as we are already into the third day of continuous selling and somewhere that is getting us to a very-very short-term oversold point. We will reconsider the overall picture once we get that bounce.”
The India VIX, a measure of market volatility, has also drawn attention, surging past 21. Srivastava pointed out that similar spikes in the VIX have occurred in the past, often around the 22 mark, coinciding with events like elections or rupee depreciation. He added that a VIX level approaching 30 would signal a more extreme level of panic. “If you really get close to 30, then I would be a little more optimistic on the market having priced in a maximum panic kind of situation. But that has not happened yet, so we will continue to watch how the VIX unfolds in the short term. But again 21, 22 is a level that we did pull back from a couple of times in say August of 2024, also in November of 2024 and also last year in April when you had the tariffs applied, we had seen VIX spike to around 23 and we are currently at 21, so two-three points and you are within that range. To go beyond that, of course, the situation has to get worse than what it already is.”
According to a report from CNBCTV18 published January 1, 2026, Srivastava believes Indian equities are emerging as a preferred asset class over precious metals, anticipating a “blow off and fantastic” year for Indian markets in 2026. He identified 26,500 as the next major breakout level for the Nifty.
Strike Money Analytics was founded in Mumbai on June 15, 2023, and aims to become a leader in stock market analysis tools, according to the company’s website. Rohit Srivastava, founder of Strike and Indiacharts, provides stock market insights and analysis, leveraging his 30+ years of experience in the stock markets, as noted on LinkedIn.
The Economic Times reported on March 5, 2026, that value stocks and NBFCs offer safer upside potential, according to Srivastava, as Indian markets hovered near flatline.
