Nifty remained under sustained pressure through the week and ended in the red, extending the corrective phase for the fifth consecutive week. 60-point range with selling pressure intensifying after the 23,900–24,000 support zone was violated.

10, not far above the weekly low. 29, reflecting increased risk perception.

09%). The technical structure has deteriorated following the violation of the important 23,900–24,000 support zone.

This area had provided support during the recent consolidation but will now be expected to act as resistance on any pullback. More importantly, Nifty has slipped below its 100-week moving average, currently placed at 24,401, and remains below the 50-week MA at 24,673.

This keeps the broader setup defensive. Unless the index manages to reclaim 23,900–24,000 on a closing basis, meaningful and sustainable upmoves are unlikely; rallies towards this zone are more likely to encounter selling pressure.

The coming week will be truncated, with Monday, September 14 being a trading holiday on account of Ganesh Chaturthi; trading will therefore resume on Tuesday. A positive but cautious start is expected as Nifty adjust to the global trade setup that transpired on Monday.

The 23,600 and 23,850 levels are expected to act as resistance areas. Supports are likely to come in at 23,230 and 23,000.

93 and remains below the neutral 50 mark. It is not yet oversold and remains neutral against the price.

The weekly MACD is bullish and above the signal line, but sits on the verge of a negative cross over as indicated by a narrowing Histogram. The latest weekly candle is distinctly bearish with a relatively large real body and a close in the lower part of the week's range.

Pattern analysis shows Nifty continuing to trade within the broader range, but it has now moved closer to the lower half of this structure. The more immediate concern is the loss of the 23,900–24,000 support levels.

The lower Bollinger Band is placed at 23,286, almost coinciding with the week's low of 23,231, making this region an important near-term technical reference. Therefore, while intermittent technical rebounds cannot be ruled out after five consecutive weeks of decline, they should not be interpreted as a trend reversal unless Nifty first recaptures 23,900–24,000 and subsequently begins moving back above its key weekly averages.