By Anichya Shah, CNBC-TV18

The Nifty, as most people have seen, has been struggling, to break that 5000 mark. After yesterday’s vicious selloff, we saw the Nifty actually trade below its 20 day moving average (DMA). It has been trading below its 50 and 200 DMA for a while, but it even broke the short term support level.

Monday’s close at about 4734 was below its 20 DMA which is at 4817. In Tuesday’s trade it is trading even below. This is no surprise as it is two largest cap stocks by weightage, Reliance and ONGC, coupled with three other stocks that contributed a total of about 28% of its total market cap, are currently trading below all three DMAs which are important support levels; the 20, 50 and 200 SMA.

In Monday’s trade, Reliance Industries close at about 2265. Its 20 SMA stands at 2292 which is about 1% higher than Monday’s close. Meanwhile, its 50 SMA at 2435 and its 200 SMA at 2349 is both, 7% and 4% higher than Monday’s close. So it has a fair bit of retracement to do to even break some of these levels. Of course, it is dynamic and it gets updated on a daily closing basis, but Reliance Industries is one key heavyweight that is dragging the market down and is preventing some sort of an intermediate uptrend

ONGC, the second largest by weightage, which closed at 980 on Monday, is down between 2-5% from its 20 SMA which is at 1005 and its 200 SMA which is at 1029. NTPC which was at 196 on Monday is below its 50 SMA and its 200 SMA. However, it was trading above its 20 SMA on Monday’s close. But after Tuesday’s selloff, it is currently trading below its 20 SMA. It will be interesting to see where it closes, whether it closes below both, the short term and long term support levels.