Nifty continues to hover around its key medium- to long-term moving averages, namely the 50-, 100-, and 200-DMAs, reflecting an ongoing phase of consolidation and lack of clear directional bias. The flattening of the 20-DMA, along with price oscillating around the 50-DMA, indicates fading upside momentum and reduced trend strength in the near term. Momentum indicators also suggest a cautious undertone. The RSI stands at 47, below the neutral 50 mark, pointing to weakening bullish momentum while remaining comfortably above oversold territory. This positioning leaves room for further consolidation or a mild downside drift. Meanwhile, the MACD remains in negative territory, with the MACD line positioned below the signal line, reinforcing the prevailing soft bias. However, the narrowing histogram suggests that bearish momentum may be moderating, indicating the potential for stabilization if price action improves.
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