The Nifty 50 index closed slightly lower at 23,542 on November 14, marking its sixth consecutive session of decline and remaining just below the 200-day Exponential Moving Average (EMA).
The index experienced a weekly drop of 2.55 percent, reflecting a prevailing bearish sentiment in the market. Analysts suggest that if the Nifty falls decisively below the 200-day EMA, the next critical support level to watch will be 23,200, which aligns with the 50-week EMA. If there is a rebound, resistance is expected in the 23,600 to 23,800 range.
Traders are advised to closely monitor these key levels as they navigate potential trading opportunities in the current volatile environment.