The NSE Nifty 50 has declined close to 6.5 per cent to 17,500 levels in the last three months so far amid concerns that a prolonged period of higher interest regime could stifle global economic growth and eventually hit corporate earnings.
Off late, global bankers have stressed on the need for higher rates than earlier projected in the backdrop of stubborn inflation.
Technically, the Nifty has been trending with a negative bias since the start of 2023, after the short-term (20-DMA) Daily Moving Average dipped below the 50-DMA. To make the case further stronger for the bears, the 20- and the 50-DMA, both, are now down below the 100-DMA following the sharp fall on Wednesday, February 22.
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