Trade Setup For Aug. 28: Nifty Sees Key Support At 24,670

The intraday decline in the Nifty 50 index was severe, pushing the index under the critical 50-day EMA, noted analysts.

"In the short term, the index is likely to remain under selling pressure as long as it trades below 24,850," stated Rupak De, senior technical analyst at LKP Securities.

Technically, a decisive move above 24,850 could open the way for an upside toward 25,000 and 25,150, according to Amruta Shinde of Choice Broking. On the downside, immediate support is seen at 24,670, followed by 24,500, both of which are likely to be attractive levels for fresh long positions, Shinde added.

The index formed a long bearish candle on the daily charts and is holding a lower top formation on intraday charts, which is largely negative, said Shrikant Chouhan of Kotak Securities.

The Bank Nifty also closed in the red for the fourth consecutive session.

The index opened weak and slipped below the crucial 55,000 mark, reflecting continued bearish momentum. Key support levels are placed at 54,054 and 53,550, while resistance lies in the 54,500–54,700 zone.

The index opened weak and slipped below the crucial 55,000 mark, reflecting continued bearish momentum, says Shinde. Key support levels are placed at 54,054 and 53,550, while resistance lies in the 54,500–54,700 zone, he adds.

A decisive breakout above this resistance range could trigger a rebound toward the psychological 55,000 mark, he further mentions.

The NSE Nifty 50 ended 255.7 points or 1.02% lower at 24,712.05 and the BSE Sensex closed 849.37 points or 1.04% lower at 80,786.54.

The Indian rupee closed 10 paise weaker at 87.68 a dollar on Tuesday.