Nifty is showing clear signs of stress.
The index has slipped to a 13-week low, currently trading around 23,500, while the RSI (14) has fallen below 30 to ~28, indicating an oversold zone.
The weakness comes amid heightened uncertainty across global markets, with crude oil approaching $100/barrel, adding pressure through inflation and input-cost concerns, while broader geopolitical and macro risks continue to weigh on sentiment.
Key things to watch:
23,500: The next support zone.
RSI <30: Signals oversold conditions, but not necessarily an immediate reversal
Crude near $100: A key risk factor for India given its impact on inflation, trade deficit and corporate margins