Nifty 50 witnessed consistent selling throughout the week, resulting in a decline of 2.80% from its all-time high.
“This recent correction has caused it to dip below the critical 21-day Exponential Moving Average (21EMA). The sentiment appears bearish at this point, with a key support level identified at 19,600. A breach below 19,600 could potentially initiate a more significant market correction," said Rupak De, Senior Technical analyst at LKP Securities.
On the upside, he believes, 19,800 is expected to serve as a resistance level.
Source: Livemint
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