The 200-day EMA support at 23,700 has been breached again amid choppy movements, with the downside gap from December 19 remaining unfilled after seven sessions. This unfilled gap is likely a bearish run-away gap, typically signaling the midpoint of a downtrend. According to Nagaraj Shetti of HDFC Securities, this pattern suggests that further declines may be on the horizon.
US stocks: US market closes down sharply after Fed holds rates unchanged
Wall Street experienced a sharp decline as the Federal Reserve maintained interest rates. AI-related chip stocks also saw further losses ahead of key earnings reports.
July 29, 2026