The Nifty 50 index saw a significant drop on October 22, closing at 24,472, which is the lowest it has been in 10 weeks.
This decline broke important support levels at 24,700 and 24,550, and the index fell below the mid-Bollinger band on a weekly basis, indicating a bearish trend.
The immediate support level is now at 24,400, and if this level is broken, further corrections could push the index down to the 24,000-23,900 range.
Market analysts point out that resistance levels based on pivot points are at 24,767, 24,870, and 25,036.
It is advised for investors to closely monitor these levels during the corporate earnings season to identify potential trading opportunities.