The Nifty 50 index fell sharply, closing at 24,472, down 1.25%, after breaking key support levels, including the 20-week EMA. Experts warn that if it breaches 24,400, the decline could extend to 24,000 or the August low of 23,900, while 24,700 remains a significant resistance level. Market sentiment is expected to stay weak, favoring a 'sell on rise' strategy.