The Nifty 50 erased all its previous day’s gains and lost six-tenths of a percent with above-average volumes on November 4, the weekly F&O expiry session. The technical and momentum indicators turned weak, with the continuation of a lower high–lower low structure on the daily chart for the fourth consecutive session. The index also dropped below its short-term moving averages (10-day and 20-day EMAs), signaling weakness in the short term.

If the index sustains below 25,600 (which coincides with the 20-day EMA and the midline of the Bollinger Band), the selling pressure may extend to 25,500, a psychological support level, followed by 25,400, which is considered a crucial support (coinciding with an earlier falling resistance trendline that could now act as support). On the higher side, 25,

See Full Page