A long bear candle was formed on Nifty’s daily chart, which indicates a continuation of steep downside momentum. The positive chart pattern like higher tops and bottoms on the daily chart seems to have been negated by Nifty moving below the last higher bottom of 24,753 levels in today’s session.The underlying trend of Nifty remains negative. Having declined below the crucial support of 25,100-25,000 levels recently, Nifty could slide down towards another lower support of around 24,500-24,400 in the near term. Immediate resistance to be watched at 25,000 levels, said Nagaraj Shetti of HDFC Securities.In the open interest (OI) data, the highest OI on the call side was observed at 25,000 and 25,100 strike prices, while on the put side, the highest OI was at 24,500 strike price followed by 24,700.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts, we can observe that the Nifty has been declining since the last six trading sessions and has corrected around 1500 points from the high of 26277. It has now reached the 61.82% fibonacci retracement level 24800 of the previous rally which is likely to act as a crucial level to watch out for over the next few trading sessions. Our short term target 24800 has been achieved and hence we revise it downwards to 24500 which is the 20 week moving average. On the upside, 25125 – 25200 is the immediate hurdle from short term perspective.Hrishikesh Yedve, Asit C Mehta Investment InterrmediatesTechnically, on the daily chart, the index formed a red candle, signaling weakness. However, the index managed to defend the 24,750 level, providing some relief for the bulls. As long as the index holds within the 24,700–24,750 range, a short-term pullback could be possible. However, if Nifty sustains below 24,700, deeper declines could follow.Rupak De, LKP SecuritiesThe Nifty slipped further due to ongoing geopolitical concerns, with sentiment worsening as the index fell below the 55 EMA, indicating a bearish trend. A bearish crossover in the RSI is adding to the downward price momentum. In the short term, the trend may remain volatile, with a predominantly bearish outlook. Overall, the market appears to be “sell on rise” as long as it stays below 25,000. On the downside, support levels are positioned at 25,700, 25,590, and 25,400.Praveen Dwarakanath, Hedged.inNifty has closed at its crucial support at 24800 levels. All the momentum indicators have turned to over-sold region which can also be a possible reason for Nifty to see once again a dead cat bounce which will still be short-lived. Also, the index has closed at its 20 EMA support, which can also be a reason for a small bounce. However, a weekly closing below the 24800 can trigger further downside up to 24000 levels and below. Options writer’s data showed a significant increase in call writing and short covering in ITM puts, indicating weakness in the index.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)