Even the 200-day EMA (exponential moving average) shows similar signs. Nifty has been trading below its 200-day EMA for the past 22 trading sessions, starting from August 14. Over these 22 trading sessions, the index has gradually moved further below its long-term moving average and is now down 5.12% from the 200-day EMA.
The 200-day EMA tracks the index’s average price over the past 200 trading days, giving more weight to recent prices.
Meanwhile, crude oil prices climbed to $104.45 per barrel as of 9.20 am on Wednesday, raising concerns over higher input costs and the potential impact on inflation and corporate margins.
