Selling continues in Nifty, oversold conditions may trigger a bounce

The Nifty index faced consistent selling pressure, closing lower and signaling a weakened structure. Currently below its ten-day low, it approaches the critical level of 24,000, where substantial put writers have positioned themselves. Despite oversold momentum indicators suggesting a potential rebound, strong resistance at 24,500–24,800 could limit upside, prompting cautious trading strategies in the upcoming week.