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.
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September 25, 2026