Nifty slipped below its 200-week moving average on Tuesday, breaking a key long-term support level for the first time since the Covid crash and raising the risk of a deeper correction if the index fails to recover quickly. The index fell to an intraday low of 22,569, slipping below the 22,600 mark that technical analysts had flagged as a crucial support zone.
The level coincides with the 200-week moving average, a long-term trend indicator watched by traders and institutional investors. Rupak De, Senior Technical Analyst at LKP Securities, said Nifty had slipped to its 200-week moving average as the decline extended.
