“Bearish on Nifty 50, as the index has declined 3.54% from its recent swing high, closing below major moving averages like the 20-week and 30-week weighted moving averages, indicating a meaningful loss of momentum. The immediate technical picture is unlikely to improve unless the index reclaims and sustains above the 100-DMA at 24,028. A decisive break below 23,780–23,800 could extend the corrective move towards 23,600.”