Global weakness drags Nifty50 down for 6th straight session - Tradebulls Securities Pvt Ltd
Nifty
Global weakness continued to weigh on Indian equities as the Nifty50 declined sharply on Friday, extending its losing streak to the sixth consecutive session. The pace of decline in the last two sessions is a growing concern as the index closed below its 20-WEMA support, with weekly RSI now on the verge of breaking below the 50 marks. The next major support is seen at 24,200 (50-WEMA). On the daily chart, it breached its 50-DEMA (24930), while the highest OI bounds shifted to the 25000–24500 band. A decisive breach below this zone could threaten the broader corrective structure, exposing the index to 24200 before a relief base forms. Derivatives positioning also reflects stress, with a low PCR suggesting scope for a short-term relief rally. For upside confirmation, however, the index must sustain above 24800, which could trigger short-covering towards 25000 followed by 25170 in case of a meaningful reversal pattern falls in place.
Please refer disclaimer at https://www.tradebulls.in/disclaimer
SEBI Registration number is INZ000171838
