Nifty’s five-day slide has pushed it to a several-week low and below its 50-day exponential moving average, raising the risk of a deeper correction, says Rupak De of LKP Securities. He sees 23,600 as the immediate support; a decisive breach could accelerate selling. The market’s broader trend will remain weak unless the index reclaims the 24,000 mark, he said.
Edited excerpts from a chat:
