The Nifty 50 snapped its two-day winning streak and declined 0.76 percent on October 7 after the RBI expectedly raised the repo rate. The index is still not out of the woods technically, as bears continue to maintain control over the broader structure, although there are some signs of easing bearish momentum. FII selling, a weakening rupee and crude oil prices above $100 a barrel also weighed on market sentiment. The Nifty 50 needs to post a decisive breakout above 22,800 for further upside towards 23,000. Until then, consolidation may continue, with immediate support in the 22,500–22,400 zone, followed by 22,200 as a crucial support level, experts said.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 22,688, 22,728, and 22,794
Support based on pivot points: 22,557, 22,516, and 22,451
Special Formation: The Nifty 50 formed a bearish candle on the daily charts and sustained below all key moving averages, indicating weakness. The 10-, 20-, 50-, 100- and 200-day EMAs continued to slope downward. The RSI moved lower but remained slightly above the signal line. The MACD stayed below the reference line, although the red histogram bar contracted for the third consecutive session. These indicators suggest that the broader trend remains weak, while bearish momentum appears to be gradually easing.