The Nifty 50 index had a significant decline, wiping out all gains from the previous day and closing at 23,350 on November 21. This marked the fifth consecutive session where the index was below the 200-day exponential moving average (DEMA) of 23,540.

The index is currently displaying a pattern of lower highs and lower lows, indicating a potential drop towards the 50-week exponential moving average (EMA) at 23,200. There is expected resistance in the range of 23,500-23,550, and if the index can sustain a move above this level, it could potentially reach 23,800.

On the other hand, the Bank Nifty index fell 254 points to 50,373, with a critical support level at 50,000. Analysts suggest that holding above this level is necessary for a potential rise towards the range of 50,800-51,000. However, if the index falls below 50,000, a further decline to 49,500 could be expected. The market breadth remains weak, with 1,824 shares declining compared to 658 advancing on the NSE.