Nifty 50 slips below 24,000: Key support and resistance levels to watch amid market volatility

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The Indian stock market traded lower on Thursday, extending its losses for the fourth consecutive session, amid cautious sentiment triggered by the escalating US-Iran war and rising crude oil prices. The benchmark Sensex fell over 200 points, while the Nifty 50 slipped below the crucial 24,000 mark.
Markets came under pressure after the latest escalation pushed crude oil prices higher, with Brent crude rising above $95 a barrel. This has intensified concerns over inflation, monetary policy and the economic outlook for major oil-importing countries such as India.
The BSE Sensex fell 202.29 points, or 0.26%, to 76,552.76, while the NSE Nifty 50 declined 62.40 points, or 0.26%, to trade at 23,943.80. The Bank Nifty index underperformed the broader market, declining 0.92% to 56,629.90.
The Nifty 50 has been consolidating within a broad range and has now slipped below the psychologically important 24,000 level. Analysts expect the consolidation phase to continue in the absence of fresh triggers. However, a decisive breakout on either side of the range could determine the index’s next major directional move.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that the Nifty 50 has been consolidating within the 23,785 – 24,531 range on the daily chart since June 15, reflecting a lack of clear directional momentum.
During this phase, the Relative Strength Index (RSI) made multiple attempts to move above the 60 mark but failed to sustain those gains, indicating that bullish momentum remained weak.
“Meanwhile, the DI- line has recently crossed above the DI+ line on the ADX indicator, suggesting that sellers are gradually gaining the upper hand. Despite the recent pullback from lower levels, the Nifty 50 index continues to trade below its key moving averages, keeping the short-term bias cautious,” Shah said.
From a technical perspective, Shah said the 20-day exponential moving average (EMA) zone of 24,070 – 24,100 is likely to act as immediate resistance for the Nifty 50 index. On the downside, the 23,800 – 23,750 zone remains a crucial support area.
“A decisive and sustained breach below this support zone could trigger an extension of the ongoing weakness and lead to further downside in the index,” he added.
Ruchit Jain, Head of Equity Technical Research, Wealth Management, at Motilal Oswal Financial Services, said the Nifty 50 is undergoing a short-term consolidation phase and has been trading within a range over the past few weeks.
“The immediate support for the Nifty 50 is placed around 23,800, while resistance is seen in the 24,200 – 24,250 zone. A breakout on either side of this range is required for a directional move,” Jain said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Ankit Gohel is the Deputy Chief Content Producer at Livemint, specialising in financial markets, macroeconomics, and regulatory developments. With a strong focus on equity markets, primary issuances, and policy-driven market movements, he brings clarity to complex financial developments for investors and market participants. <br><br> With nine years of experience in business and financial journalism, Ankit’s approach is rooted in the belief that market reporting should go beyond headlines — connecting data, policy, and ground realities to deliver actionable insights. His work consistently bridges the gap between institutional analysis and investor understanding. <br><br> Ankit has spent three years at Livemint, where he currently helps drive market coverage, editorial strategy, and high-impact financial stories. Prior to this, he worked with leading business news networks such as CNBC-TV18, ET Now, TickerPlant News Service where he built deep expertise in stock market analysis, macroeconomic trends, primary markets, and coverage of key regulators including the RBI and SEBI. <br><br> Over the years, he has covered market cycles across bull and bear phases, IPO booms, liquidity shocks, and major policy shifts that reshaped investor sentiment. He has interviewed fund managers, corporate leaders, and policymakers, translating their perspectives into sharp, data-backed narratives. Ankit combines speed with accuracy — ensuring timely, credible, and insight-driven financial journalism that empowers both retail and institutional audiences.
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