Nifty With ‘Spinning Bottom’ Slips into Indecisive Zone amid Selloffs

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Indian markets stay under the spell of geopolitics upheavals, sending indices down on Wednesday

By S JHA

Mumbai, January 21, 2026 — Indian markets remained in corrective phase on Wednesday. Indices closed the day with cuts. Breathers came midsession as bulls attempted repair works. The outlook for the markets remains cautious per chartists.

Tracking weak global cues, Indian markets gave up signs of recovery in early sessions on Wednesday. Soon, bears launched brutal assaults. Indices went into a tailspin. At one stage, Nifty and Sensex were trading with massive losses.

But bulls sighting an oversold market conditions came in the play. Sensex almost erased losses of over 800 points. Briefly, Indian markets turned green. But gloom returned soon after. They were again sold. Going forward, Nifty must breakout of 25, 300 to trigger a short covering. Else, global cues could further dictate the terms on the street.

“Prices have formed an indecisive candlestick formation on the daily chart, known as a ‘Spinning Bottom.’ Given the recent price behaviour, we remain cautious,” said Angel One in a market note shared with clients.

The Delhi-based brokerage said that “further downside cannot be ruled out in the absence of a clear bullish reversal signal.” It added that “the weekly 50-EMA is placed around the 24900–24800 zone acting as immediate support.” “On the flip side, the high of today’s session near 25300 coinciding with the November swing high, stands out as a stiff hurdle,” added Angel One.

A decisive move above this level could trigger short covering and a short-term pullback, said the brokerage house.

(Disclaimer: This article makes no recommendation for any kind of trades in the stock market)