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India market approaches turning point after eight straight losing weeks
The Nifty has held the 22,200 support level, while RSI has fallen to multi-month lows, signaling oversold conditions.
India’s stock market remained in negative territory for the eighth consecutive week ended 1 October, marking the longest losing streak in 25 years, as foreign portfolio investors continued to sell and headwinds included rising global bond yields, higher crude prices, and concerns about tighter monetary policy, LiveMint Markets reported.
Despite the broader weakness, analysts said the Nifty managed to hold the crucial 22,200 support level, and the Nifty 500 kept its long-term upward trendline, offering some relief after a sharp sell-off.
Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, said the Nifty’s daily relative strength index is at multi-month lows, which suggests the market is deeply oversold and increases the likelihood of short-term stabilization or relief.
Patel framed the current setup as a potential turning point, noting that the combination of extreme pessimism and oversold momentum can raise the odds of a near-term bounce over the next 1 to 2 weeks.
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