'Highly concerning': Weak outlook, wild swings worry analysts

He further cautioned that a drop below the 22,000 level on the Nifty could trigger further declines. The Nifty 50 index, after hitting an intraday low of 21,744, ended at 22,162—down 3.24 per cent from its previous close.

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"The underlying trend of the Nifty is sharply negative with high volatility. Monday's swing low of 21,743 could now be considered an important short-term support, and one may expect buying to emerge from the lower levels. Immediate resistance is placed at 22,400," said Nagaraj Shetti, senior technical research