The technical setup for the NIFTY remains extremely bearish with no major chances of a short-term pullback after the recent correction. The index closed around 24450 falling more than 1.2%, with selling pressure mainly from banking and financial stocks. Technically, momentum indicators are weak as RSI is near the 30–35 zone (close to oversold) and MACD remains negative, indicating the broader trend is still under pressure. Immediate support is placed around 24000, and if this zone breaks, the index could extend the decline toward 23500 levels. On the upside, 24800–25000 will act as the key resistance zone. Bank Nifty technical setup for Monday indicates clear weakness after recent selling pressure in the banking sector. The index has been trading below some short-term moving averages, showing loss of momentum, and momentum indicators such as RSI are around the low-40 zone while MACD remains in negative territory. Technically, the 58300 zone is an important support area, and if Bank Nifty sustains above this range, the index could witness short-covering toward 59500–60000 levels. However, a decisive break below 58,500 may trigger further downside toward 57400–57500 in the short term. The global markets are weak tracking the development in the middle east followed by huge jump in the crude oil prices. The sentiment on the street will remain extremely cautious till it is trading below yesterday’s low on the charts.

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