Nifty's Jenga stack shakes, 22,000 levels could topple it completely

Tests 50-WMA - a level not breached since March 2023 - after 200-DMA fall on Friday

The National Stock Exchange (NSE) Nifty 50 Index ended below the 200-daily moving average (DMA) after a month, with the index now down 5.3 per cent, or 1,254 points, from a high of 24,792 in just five trading sessions. It closed at 23,587.50 on Friday. Recently, the short-term bias for the Nifty has also turned negative, with the NSE benchmark index drifting below its super trendline on the daily scale.

 

The daily chart also shows that the Nifty witnessed a ‘death cross’ pattern in late November. Technically, a death cross occurs when the 50-DMA of the Nifty falls below the