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Nifty

Nifty extended its decline for the third consecutive session, closing below the 24700 options base and breaching the support of its declining channel pattern, indicating vulnerability to a sharper fall toward 24560 and potentially 24300 if weakness persists in the final leg of the July series. Technical indicators maintain a bearish bias, with ADX above 29 signalling strong downward momentum and RSI below 37 reflecting weakness, though oversold conditions are apparent. The OI-PCR at 0.51 for Nifty and 0.60 for Bank Nifty suggests scope for a short-term rebound. Options data shows strong resistance at 25000 and immediate support at 24700, while India VIX below 12 keeps volatility subdued. A close above 25250 is crucial to end the consolidation phase, and a recovery above 25000 would preserve a rangebound structure; failure to regain this level could drag the index lower toward 24560 and 24300. Traders are advised to adopt a long-short strategy with strict risk management until a decisive breakout occurs.

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