The Indian equity benchmark, Nifty, experienced a sharp downturn in the week ending January 10, 2026, after achieving fresh all-time highs earlier in the month. On January 5, 2026, the Nifty 50 briefly touched a new peak of 26,373, following a strong start to the year. However, this upward momentum was short-lived, as the index reversed sharply, recording a significant weekly correction of nearly 2.5%, ending at 25,683.30. This marked one of the steepest weekly falls since September 2025. Contributing to this market sentiment were several factors, including weak global cues, growing concerns over potential US tariffs on Indian exports, and lingering geopolitical tensions. Persistent selling by Foreign Institutional Investors (FIIs) also played a crucial role in deepening the market's decline. On January 8, 2026, the Nifty 50 dropped by 1.01% to 25,876.85, marking the sharpest single-day decline in over four months for the Sensex. The market continued its downward trend, with Nifty falling by 0.75% on January 9, 2026, to close at 25,683.30. Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, analyzed this market movement, noting a technical significance. He identified a 'neckline breakdown of an Adam and Adam Double Top pattern' and the Nifty's decisive slip below its 20-day and 50-day Exponential Moving Averages (EMAs), suggesting further bearish momentum in the near term. Shah indicated that the 25,500-25,450 zone would act as immediate support, with a sustained breach below 25,450 potentially leading to a sharper decline towards 25,200. Conversely, recovery attempts are expected to face stiff resistance in the 25,900-25,950 range. Broader markets, including the Nifty Midcap 100 and Nifty Smallcap 100, also underperformed, highlighting a widespread risk-off sentiment.