1 week ago
Nifty Faces 24,000 Support After Seven Straight Losses
The Nifty 50 stock index has fallen for seven days in a row.
It has lost more than 500 points during that time.
The index also moved below an important 50-day average.
Traders are watching 24,000 because it is seen as a psychological support level.
Another important level is 24,045.
A longer-term average is near 23,920.
The Nifty Bank index is being supported around 57,000.
Traders are also watching IPOs, block deals and individual companies.
The Nifty 50 has declined for seven consecutive sessions, losing more than 500 points.
The index closed below its 50-day moving average on Wednesday.
Key downside levels include 24,045, 24,000 and the 100-day moving average near 23,920.
Nifty Bank bulls are defending the 57,000 level, identified as the key downside threshold.
Investors are watching block deals, IPO subscriptions, broader-market stocks and companies including Hyundai Motor India and BSE.
- Who
- The Nifty 50 and Nifty Bank indexes, along with traders watching Indian stocks.
- What
- The Nifty 50 is extending a seven-session decline and has fallen below its 50-day moving average.
- Where
- The Indian stock market.
- When
- During the Sensex weekly expiry session, after Wednesday’s close.
- Why
- The index is testing several nearby support levels after losing more than 500 points over seven sessions.
Key facts
- Nifty losing streak
- Seven consecutive sessions
- Total correction
- More than 500 points
- Nifty 50 61.8% retracement level
- 24,045
- Psychological support
- 24,000
- Nifty 100-day moving average
- 23,920
- Nifty Bank key downside level
- 57,000
- Stocks being watched
- Hyundai Motor India and BSE
Sources
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