Nifty 50 faces bearish trend as key support levels are tested

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.

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