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Below the Quote on how much nifty can fall because of the war? by Hitesh Tailor, Technical Research Analyst at Choice Broking

"Indian equity markets opened under significant pressure on 9th March 2026, with the Nifty 50 witnessing a sharp gap-down start amid heightened global risk aversion linked to escalating geopolitical tensions and a spike in crude oil prices. The index opened at 23,868, nearly 585 points lower, reflecting broad-based selling across sectors. The weak start indicates that global uncertainty and risk-off sentiment continue to weigh heavily on investor confidence, leading to aggressive unwinding in equities.

From a technical perspective, the Nifty has decisively broken below the crucial 24,050 zone, which coincides with the 100-week EMA — a level that historically acted as a strong reversal area. This breakdown signals deterioration in the broader technical structure and suggests that downside momentum is gaining traction. Momentum indicators also remain weak, with the weekly RSI facing rejection near the 50 mark and trending lower, indicating that a clear reversal signal is still absent in the current setup.

If geopolitical tensions continue to escalate and volatility remains elevated, the Nifty 50 could extend its decline toward the 23,000–22,900 zone in the near term, which emerges as the next key short-term support area where some demand or short covering may emerge. On the upside, the 24,300–24,500 band is likely to act as a strong resistance zone, and any relief rally towards this range may face supply and profit-booking pressure."

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