Bears are tightening their grip over Indian equities.
Around 64 percent of the NSE Nifty 50 members are currently trading below their 200-day moving average, the highest in over a year. This comes after the equity benchmark slipped below its support level of 10,164 on Monday.
“Fewer number of stocks trading above their key support level is an indication of bears having the upper hand,” Chandan Taparia, associate vice president at Motilal Oswal Securities Ltd. told Bloomberg by phone.
Chandan said the index is headed towards what he called a “key psychological mark” of 10,000.