Nifty Extends Losing Streak, Support Shifts to 24,800

The Nifty index extended its decline for a fifth straight session, closing at 24,890.85, down 0.66%. The index opened near 25,035, touched an intraday high of 25,092.70, but selling pressure dragged it down to 24,878.30 before closing just above this level. The daily chart formed a large bearish candle, underscoring persistent weakness after failing to sustain above key retracement zones.

Technical Overview – Nifty

• The index has slipped below the 50% Fibonacci retracement at 24,930, while the 61.8% retracement at 24,800 has now become a crucial short-term support.
  
  
• A decisive close below 24,800 could accelerate weakness, while resistance has shifted lower to the 25,050–25,120 band. Only a close above this zone would hint at a short-term reversal.
  
  
• Momentum indicators confirm softening:
  
  
  • RSI slipped to 46, signaling loss of strength.
    
    
  • MACD turned negative, showing a bearish crossover and declining histogram bars.
    
    
  • The middle Bollinger Band at 24,970 has been breached, reaffirming selling pressure.
    
    
• On a higher timeframe, the broader trend remains bullish, but the recent sessions represent a corrective pullback.
  
  

Volatility Check

The India VIX remained steady at 10.78, though a move above 11.20 could spark higher volatility in the near term.

Technical Overview – Bank Nifty

The Bank Nifty ended at 54,976.20, down 145.30 points (0.26%), extending its corrective phase after repeated failure to sustain above 55,500. A bearish daily candle and a close below short-term retracement levels reflect continued weakness.

• The index is hovering close to the 38.2% Fibonacci retracement at 54,950. A break below this could trigger further downside toward 54,700, and eventually 54,500.
  
  
• On the upside, 55,300 now acts as immediate resistance, and only a close above this level could revive bullish momentum.
  
  
• Indicators highlight softening momentum:
  
  
  • RSI eased to 49 from 57.
    
    
  • MACD remains positive but is flattening.
    
    
• The moving average alignment indicates a mixed setup: the index trades below the 9-, 50-, and 100-day EMAs, while still holding above the 20-day EMA, reflecting short-term pressure but medium-term support.
  
  

Market Outlook

Both Nifty and Bank Nifty have entered a corrective phase, slipping below crucial retracement levels with momentum indicators pointing to weakening trends. For Nifty, 24,800 is the make-or-break support, while Bank Nifty must hold 54,950 to avoid deeper downside.

• Nifty key levels: Support at 24,800, resistance at 25,050–25,120.
  
  
• Bank Nifty key levels: Support at 54,700–54,500, resistance at 55,300.
  
  

Unless these resistances are reclaimed, near-term bias remains sideways to bearish, though the broader structure continues to favor bulls in the medium term.