Nifty slips 276 points this week, marks 6th consecutive loss
Nifty slipped 276 points this week, closing at 24,363 and marking its sixth weekly loss in a row—a streak not seen since the COVID crash of 2020.
Most of the fall happened just on Friday. Heavy selling by foreign investors and a weakening rupee have kept the market under pressure.
Nifty is below all key moving averages
Nifty is now below all its key moving averages, signaling a clear bearish trend.
It hasn't managed to close above its five-day average in nearly two weeks, showing traders are still cautious.
If support levels around 24,170 and 24,060 don't hold up, we could see more downside.
If sentiment flips even slightly positive, we could see sharp rebound
US tariff hikes on Indian exports haven't hit as hard as expected—most trade isn't viable at such high rates anyway.
Plus, with most of India's economy powered by domestic spending (about 64% of GDP), the impact should stay limited for now.
Interestingly, FIIs are holding record short positions; if sentiment flips even slightly positive, we could see a sharp rebound—just like after past sell-offs since 2020.