After touching record highs in September 2024, Dalal Street’s dream has turned into a nightmare in just a few months. What began as a small, normal correction in October has turned into a massive sell-off; the equity indices have been falling relentlessly since then without a pause, making retail investors jittery and investment sentiment turning most bearish since COVID.

With the prolonged downturn not finding a bottom yet, the question that arises is whether there is any relief in sight or is there more pain ahead. So, where are the BSE Sensex and NSE Nifty headed?

What is surprising is that nobody could see the fall coming the way it has panned out: a one-way slide wiping 94 lakh crore of investors’ wealth over five months. And that is the sad part of the story because when the going is good, no one, not even the investment and market experts, raises a red flag.

Instead, they proffer more rationale for fresh moves with stock ideas, sectoral rotation, and long-term investment themes. Now that the market is experiencing its worst losing streak in nearly three decades, all those predictions of the Sensex hitting 90,000 and the Nifty touching 30,000 have been replaced by fear about the road ahead.

While market analysts are advising caution and patience because the current decline is far from the most severe in the last three decades, technical analysts are busy finding crucial support levels for the Sensex and Nifty, which will stabilise the market even if temporarily.

But so far, all support levels above 22,500 on the Nifty have been violated, and the NSE index is close to 22,000. So far, both the Sensex and Nifty have declined by........

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