Nifty 50 Market Update
As expected, NIFTY 50 has slipped to the 23,000 level after failing to sustain above 23,444, which was a key resistance. The breakdown confirms short-term weakness, with the index now testing crucial support. On the daily chart, the rejection from higher levels and the inability to hold above moving averages indicate further downside risk.
The hourly chart shows selling pressure intensifying, with price action below key EMAs. If 23,000 fails to hold, the next downside targets are 22,800–22,700.
However, RSI is approaching oversold territory at 22.30 in the hourly chart, so a short-term bounce towards 23,200–23,300 is possible before further decline.
Top gainers of Nifty 50 as of now are
