A morning walk down Dalal Street | Nifty can move higher only if formation of lower highs is negated

Indian market witnessed six straight sessions of decline for the first time since March 2018. The recent decline in the index pushed Nifty below crucial short and long-term moving averages. Nifty recouped losses after hitting its 100-day moving average placed at 10,694.

The last time when index slipped for 7-days on the trot was back in January. The Nifty index saw selling pressure from January 30 to February 7, 2018. 

For the last week, the S&P BSE Small-cap index and the S&P BSE Mid-cap index slid 2.96 percent and 2.71 percent respectively, compared to both S&P BSE Sensex and Nifty50, both of which fell about 2 percent in the same period.

Consistent selling was seen in the Indian markets that pushed the index towards crucial support levels. Most technical experts now feel that a technical bounceback could be on the cards.