Technical View: Nifty 50 lacks strong momentum despite VIX slipping below 15; a fall below 23,800 may favour bears, 54,500 key support for Bank Nifty
The Nifty 50 faced resistance at the 50-day EMA (24,000), which is crucial for any further major upside toward the 24,100 and then 24,300–24,400 levels. However, it is still above the previous congestion breakout zone of 23,800 which can act as immediate support. A convincing fall below this level could bring bears to the forefront, experts said.