The Nifty 50 index closed down 219 points at 24,181, reaching the first downside target of the Head and Shoulders pattern around the 24,200-24,250 zone.

Analysts predict a potential breach of the August low at 23,894, which is a critical support level. If this level is surpassed, the 200-day Exponential Moving Average at 23,455 may come into play.

Any upward movement towards the 25,600-25,700 range is expected to lack sustainability.

The Bank Nifty also experienced a decline, dropping 744 points to close at 50,787. The next support level is projected around 50,200-50,000, with the 200-day EMA at 49,668 as a possible target if this support fails.

Resistance for the Bank Nifty is identified at 51,100.

The overall market sentiment remains bearish, with a notable disparity in market breadth, as 2,138 shares declined compared to just 376 advancing on the NSE.