 "All 50 components of Nifty fell below their 50-day moving average this week")
All the 50 components of the benchmark Nifty traded below their 50-day moving average (DMA) price this week. This has happened for the first time since the 2008 global financial crisis.
On August 28, when the Nifty had closed at an all-time high of 11,739, 80 per cent (40 stocks) traded above their 50-DMA, a popularly tracked technical indicator.
If a stock trades below its 50-DMA, the trend is considered to be bearish. The Nifty on Friday closed at 10,030. Technical analysts say the market is near its key support zone of 9,950-10,000. If the market fails to sustain above these levels, the correction could get deeper, they say.
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