Will Nifty's 8-week losing streak trigger a relief rally but the big bottom isn't in yet

Only 12% of NSE 500 stocks are trading above their 20-day moving averages, while just 16% are above their 50-day averages, conditions similar to those seen near the end of the March correction. Yet medium- and long-term breadth is not as depressed, suggesting that any rebound may be a short-covering rally within a broader corrective phase rather than the start of a durable market bottom.