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Indian equity indices ended lower after a volatile session on October 11, with the Nifty closing below the 25,000 mark. The Sensex declined by 230.05 points or 0.28% to close at 81,381.36, while the Nifty shed 34.20 points or 0.14% to end at 24,964.30.

The Nifty has been trading in a sideways range of 25,200 - 25,800 for the past six consecutive days. It has now closed below the 25,000 level, facing resistance at 25,044, where the 50-day EMA (Exponential Moving Average) is positioned. Price action suggests that the index may remain in a sideways to bearish trend. A decisive break below 24,900 could lead to further corrections towards 24,400 and 24,200. On the flip side, fresh buying opportunities may only emerge if the Nifty decisively moves above the 25,400 - 25,500 zone.

Momentum indicators also align with this bearish outlook. The Relative Strength Index (RSI) is currently at 40, trending downward, indicating weakening market strength. Meanwhile, the Moving Average Convergence Divergence (MACD) has shown a negative crossover at overbought levels, further supporting the bearish sentiment.

In terms of options data, significant Open Interest (OI) on the put side is concentrated around the 24,500 and 24,000 levels, indicating strong support in these areas. On the call side, notable OI concentrations are seen at the 25,500 level, suggesting this will act as a resistance zone in the near term.

Traders are advised to exercise caution, maintain strict stop-losses, and avoid holding long positions overnight to mitigate risks arising from ongoing market volatility.

Support Levels:- 24500-24000

Resistance Levels:- 25400-24500

Overall Bias:- Sideways to Bearish

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