While Nifty lost over 500 points in 15 sessions, over 60 Nifty500 stocks fell 10-30%

Indian market, which was hitting record highs almost on a daily basis last month, seems to be losing momentum now. The Nifty50 index has slipped over 500 points while the S&P BSE Sensex has lost nearly 2,000 points from their respective record-high level.

The Nifty50 hit a record high of 11,760 on August 28 and since then it has steadily fallen towards its crucial support and a swing low placed at 11,250.

Technically speaking, the index has broken below its crucial short-term supports placed at 5-days exponential moving average, 13-EMA, 20-EMA, and 50-EMA.

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