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Nifty slips below 200-week moving average amid oversold stretch
The index fell 3.1% over the week, its sharpest weekly drop in 29 weeks, and closed below the 200-week moving average for the first weekly time since March 2020.
India's Nifty 50 extended its decline for a fourth straight session on Thursday, with every trading day of the past week ending in the red, LiveMint Markets reported.
The index fell 3.1% over the week, marking its steepest weekly drop in 29 weeks, and it also closed lower for the eighth consecutive week, its longest losing streak in 25 years.
Thursday's drop brought the Nifty close to its April 2 low of 22,182.55 and pushed it below a rising trendline drawn from major swing lows of June 2024 and April 2025, weakening the broader technical structure.
More importantly, the Nifty closed below its 200-week moving average at 22,606.97, the first weekly breach of that long-term level since March 2020, with the 22,600 area set to be a key reference point for subsequent sessions.