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.

Resistance: 24,850 (break above suggests upward momentum)
Potential Upside Targets: 25,000 and 25,150
Support Levels: 24,670 and 24,500 (potential buying opportunities)
Negative Indicators: Long bearish candle and lower top formation on charts

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

Nifty 50 Index Takes a Nosedive: Analysts Weigh In

The Nifty 50 index experienced a significant intraday drop, breaching the crucial 50-day Exponential Moving Average (EMA), sending ripples through the market. Analysts are closely watching the situation, offering varying perspectives on the index's immediate future.

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

However, a glimmer of hope emerged from Amruta Shinde of Choice Broking. She highlighted a potential turning point: "Technically, a decisive move above 24,850 could open the way for an upside toward 25,000 and 25,150."

Shinde also identified key support levels: "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."

Adding to the technical analysis, Shrikant Chouhan of Kotak Securities pointed to concerning chart formations: "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."

Key takeaways from analyst predictions: