Nifty slipped below short-term and medium-term averages. Now, 50-day SMA or 22,400/73,500 and 22,500/74,000 are likely to act as key resistance areas for traders. Nifty has violated the higher-top and higher-bottom formations and suggests change in short-term trend.
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Following an eight-week losing streak in the Nifty, its first such run since 2001, domestic brokerage PL Capital remains cautious on the near-term market outlook.
October 17, 2026