The Nifty 50 can fall another 1,000 points from the current levels in the short to medium term to 23,300 levels, technical charts suggest, as the fall from the recent highs has turned the sentiment in favour of the 'bears' at least for now.
The index has already dropped over 7 per cent, or 1,899 points, in less than a month from its all-time high of 26,277 levels. In the process, the NSE benchmark index has broken the short- and medium-term supports levels, and is currently trading below the 100-day moving average (DMA) placed at 24,582 levels.
If the index is unable to sustain above 24,500 levels, technically it can then slip to its 200-DMA placed at 23,365 levels, charts suggest.
A 38.2 per cent Fibonacci retracement of the earlier bull-run from April 2023 when the Nifty was at 17,500 levels to its recent high, suggests support for the Nifty at 22,920 levels, which is roughly 400 points below the 200-DMA. Based on this analysis, it will not be wrong to say that in the base case scenario, the Nifty 50 index may test its 200-DMA, or retrace up to 22,920 amid the current market fall.
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