Benchmark index Nifty was in firm bearish grip amid volatility on October 22 due to rising crude prices.
At 12:19 am, the Sensex was down 631.33 points or 0.86% at 73,078.36, and the Nifty was down 221.95 points or 0.97% at 22,589.40. About 1,191 shares advanced, 2,584 shares declined, and 173 shares were unchanged. Nifty's day's low was 22,554.85.
"Nifty has support at 22,500-22,400 levels being the 80% retracement of the last two weeks pullback 22,180-23,175. A breach below 22,400 will negate the last two weeks pullback and open downside towards recent low of 22,180.
"On the higher side key level to watch is Monday's high of 23,175, only a move above the same will signal pullback towards 23,300 and 23,500 levels in the coming weeks," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.
"For day traders, the 20-day SMA (Simple Moving Average), along with 22,800/73,700 and 22,750/73,500, would act as key support zones. If the market sustains above these levels, it could move towards 22,950-23,000/74,000-74,500. Conversely, selling pressure is likely to increase below 22,750/73500, which could push the market towards 22,650-22,500/73000-72800. Given the current volatility, level-based trading would be the preferred strategy for day traders," said Shrikant Chouhan, Head Equity Research, Kotak Neo.