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Below the Quote on Sensex 01st October 2026 by Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited

"Sensex closed at 71,909.70, down by 570.59 points (-0.79%), extending the recent weakness amid continued selling pressure. The index also breached the April 2025 swing low of 71,425.01 during the session before recovering and closing above that level. Geopolitical uncertainty remains an overhang, with crude oil trading around the $100 mark as markets continue to monitor developments between the US and Iran and the situation around the Strait of Hormuz.

The Sensex opened lower by around 287 points, witnessed initial buying interest and touched an intraday high of 72,572.90, but selling pressure intensified in the second half, dragging the index to a low of 71,292.88 before some recovery towards the close. On the daily chart, the index remains below the 50-Day EMA at 75,544.56 and 200-Day EMA at 77,684.60, while RSI has slipped to 24.55, indicating deeply oversold momentum. The broader support zone is placed at 71,000–71,200, while resistance is at 72,300–72,500.

Sector-wise, Auto (-3.09%), Metal (-2.18%), Consumer Discretionary (-2.07%), BSE Commodities (-1.90%), Utilities (-1.71%) and FMCG (-1.51%) witnessed notable selling pressure. On the positive side, Information Technology (+1.80%), Focused IT (+1.65%), Insurance (+0.60%) and Telecommunication (+0.52%) showed relative strength, providing some cushion to the broader decline.

Overall bias remains negative, but the sharply oversold RSI suggests that the market is entering a zone where a technical rebound can emerge. The ability to sustain above the breached April 2025 swing-low region will be important for stabilisation, while continued weakness below this area could keep the broader downtrend intact. Any recovery at this stage is likely to be closely watched for signs of sustained buying rather than just a short-term bounce."

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