“The 21,743.65 support should hold for now, even if the 52-week low breaks,” said Rohit Srivastava, founder of analytics firm IndiaCharts. “Markets are heavily oversold, with only 7 out of Nifty 50 stocks currently trading above their 50-week moving average, the lowest reading since the pandemic of March 2020,” said Srivastava. “Thus, a sliver of good news—such as a resolution of the West Asia war or a trade deal with the US—could result in a rebound to the 23,600-23,700 levels to begin with.”
