Technical view: Nifty's next important support at 22,700, says Vinay Rajani

The next important support is placed near 22,700, marked by an upward-sloping trend line.

Disclaimer: This article is written by Vinay Rajani, senior technical and derivatives analyst at HDFC Securities. Views expressed are his own. Readers' discretion is advised.

Index remains in a clear downtrend, with selling momentum intensifying amid brutal, broad-based market weakness. Nifty has breached the crucial support level of 23,172, which corresponds to the 61.8 per cent retracement of the rally that began in April 2026 and continued until early August 2026.

The next important support is placed near 22,700, marked by an upward-sloping trend line joining the swing lows of June 2024, April 2025, and April 2026. The resistance zone for the index remains near 23,600.