The Nifty 50 index closed just below the 200-day Exponential Moving Average (EMA) on November 14, with a marginal loss of 0.1%. It fell by 2.55% over the week, forming a long bear candle and indicating a lower tops-lower bottoms pattern, suggesting ongoing weakness.

Analysts predict that the index may extend its losses towards the 50-week EMA at 23,200, although a potential rebound is possible given the recent sharp downtrend. On the other hand, the Bank Nifty performed better than the benchmark, gaining 91 points to close at 50,180. If it can maintain its position above the 200-day EMA, a bounce towards the 50,500–50,800 range could occur. However, failure to hold this level may lead to a decline towards the August low of 49,655.

On the NSE, market breadth showed slight improvement, with 1,324 shares advancing against 1,155 declining. Caution is advised until the Nifty 50 moves back above key moving averages, according to experts.