The Nifty 50 stayed under selling pressure through the week, hitting the first downside target of a Head-and-Shoulders pattern near the 24,200–24,250 zone, with a bearish daily candle forming on above-average volume. On that reading, the index could test its August low of 23,894, a level watched closely as near-term support; a break below opens the door toward the 200-day EMA around 23,455. Any bounce toward 25,600–25,700 is seen as unlikely to hold. Bank Nifty’s picture is similar — support sits near 50,200–50,000, with the 200-day EMA (49,668) the next level below that, while 51,100 caps the upside.
The index closed the week down 219 points at 24,181, and Bank Nifty fell 744 points to 50,787, with market breadth firmly favouring declining stocks — roughly 2,138 losers against 376 gainers on the NSE.