The Nifty50 had a negative day on Thursday, closing at 23,914.15 after a loss of 360.75 points.
Most sectors, especially IT and Auto, ended in the red, while PSU Banks, Media, and Realty showed some resilience.
Index stocks saw a significant decline, allowing Mid and Smallcaps to outperform.
The Nifty50 formed a bearish candle on the daily chart, indicating the potential development of a right shoulder in an Inverted Head and Shoulder pattern.
A breakout of this pattern could be confirmed with a strong close above 24,350.
The immediate resistance and support levels are currently set at 24,140 and 23,760, respectively.