From mint · Vaamanaa Sethi · · 1m 10s
Nifty Oversold: Rebound Chances and Cupid Stock
Nifty dips below key support as oversold conditions hint at rebound.
In brief
Nifty dips below key support as oversold conditions hint at rebound. Nifty 50 fell 3.11% weekly, breaking 200-week moving average for first time since March 2020, with Cupid stock showing bullish momentum. Originally reported by mint.
Nifty Drops 3.11% Weekly
The Nifty extended its decline for four consecutive sessions, ending every trading session of the last week in the red.
Nifty Breaches 200-Week MA
The Nifty closed below its 200-week moving average at 22,606.97, the first weekly breach since March 2020.
Oversold Conditions
The Nifty closed outside the lower Bollinger Band with daily RSI at 22.86, deep in oversold territory.
Cupid Stock Breakout
Cupid broke out of a seven-week consolidation base with fresh lifetime high and bullish momentum indicators.
Key Levels to Watch
Thursday’s high of 22,611 is resistance; Thursday’s low of 22,217 is immediate support.
RBI Policy Impact
RBI Monetary Policy Committee meets October 5-7 with decision on October 7, potentially causing volatility.
Rebound Potential
Oversold conditions suggest rebound chances if Nifty recovers above 22,600 to 22,850 zone.
The one thing
Nifty 50 fell 3.11% weekly, breaking 200-week moving average for first time since March 2020, with Cupid stock showing bullish momentum.
