business π Nifty support drops to 24,000; bearish bias remains
The Nifty index failed to beat its previous session's high for the 11th straight day, showing market weakness. This is happening as the index trades below all its key moving averages, with RSI at 44.67. Elevated crude oil prices and US-Iran tensions are weighing on sentiment for Indian equities. The 24,030-24,000 zone is crucial support, and a break below could lead to a deeper correction. Bank Nifty is holding above its support, with 57,500-57,600 acting as immediate resistance. π