The Nifty 50 remained firmly in the grip of bears on October 8, falling 1.64 percent and extending its southward journey for another session. Momentum indicators remained in bearish territory, while the index traded well below all key moving averages. Elevated oil prices, a weakening rupee, persistent FII outflows, and the India VIX moving above the 15 zone also weighed on market sentiment. If the Nifty 50 decisively breaks Thursday's low of 22,180, bears could target the psychological 22,000 mark, followed by 21,700, the April 2025 low. On the higher side, 22,400 may act as an immediate hurdle, followed by the 22,600-22,700 zone, according to experts.
Here are 15 data points we have collated to help you spot profitable trades:
Resistance based on pivot points: 22,497, 22,596, and 22,756
Support based on pivot points: 22,177, 22,078, and 21,918
Special Formation: The Nifty 50 hit an 18-month closing low and formed a long red candle on the daily timeframe, signalling strong bearish pressure. The 10-, 20-, 50-, 100- and 200-day EMAs were all sloping downward. The RSI remained in the super-bearish zone, falling below 30 to 27.55, while the MACD remained below the signal line, with the histogram showing an expanding red bar. Overall, these indicators point to continued bearish momentum and suggest that the index may remain under pressure in the near term.