New Delhi, Sept. 9 -- On the weekly expiry day, Nifty extended its decline for the second consecutive session, losing 144.05 points to close at 23,635.10. The index opened 36 points lower and remained under pressure throughout the trading session, eventually ending near the day's low.

Tuesday's trading session resulted in the formation of a bearish candle, keeping the index's ongoing pattern of lower highs and lower lows intact. The continued selling pressure dragged Nifty below its important parallel support zone, indicating further deterioration in the near-term technical setup.

The weakness is also visible from the moving average structure, as the 20-DMA has crossed below the 50-DMA. The increasing gap between these two moving averag...