Nifty continues to trade below its 200-DMA, reinforcing the prevailing weak medium-term structure. The recent gap-down breach of the 25,000 psychological mark signals heightened selling pressure and a deterioration in sentiment. Notably, a sustained move below the Budget Day low of 24,570 increases the probability of an extended decline toward 24,300, with 24,000 emerging as the next key downside objective if weakness persists. On the upside, 25,300–25,500 is likely to act as a significant supply band, where prior price congestion and overhead positions could cap recovery attempts.
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