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Technically, on the daily and intraday charts, the market is in a lower top pattern, and on the weekly chart, it has formed a bearish candle, indicating a negative trend. We believe the short-term market structure is weak, but fresh selling is possible only after a break of 24,900/81600 levels. Below this level, the market may retest the 24,700/81,000 levels, with major support at 24,850.

On the other hand, the 50-day SMA (Simple Moving Average) or 25,050/82100 and 25,150/82500 would act as crucial resistance zones for short-term traders. If the market manages to trade above 25,150/82500, it could bounce back to the 20-day SMA or 25,320/83000. Further upside could push the index higher to 25,450-25,500/83400-83600.

For Bank Nifty, the 50-day SMA or 56,000 would act as a key support zone, while the 20-day SMA or 56,900 could act as a crucial resistance zone for the bulls. Below 56,900, it can fall to 56,500-56,100, while above 56,900, it can go up to 57,100-57,350.

For the day, buy between 25850-25750 with a stop loss at 25700 on a closing basis. The move past 25050 should increase the momentum towards 25150 and later 25300. A close below 24700 could be negative in the short term as the Nifty may fall to 24500 or 24400 levels.

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