Experts predict a continued decline for the Nifty 50 index, which recently broke below its 100-day EMA, with potential drops to August’s low of 23,894, and possibly the 200-day EMA at 23,455.
A “sell on rally” strategy is advised, as any recovery may face resistance at 25,650 due to oversold RSI levels. Bank Nifty shows similar bearish trends, closing below 51,000 and nearing the 200-day EMA. Key resistance levels for Nifty 50 are 24,372 and 24,458, while support lies at 24,092 and 23,865. Meanwhile, India's VIX rose 4.74%, indicating market caution.