By Vineet Kumar 
The Nifty 50 closed 98 points lower at 24,487 on August 12, slipping 0.4% after hitting an intraday high of 24,703. Profit booking in the second half capped upside momentum, forming a bearish candle with a long upper shadow on the daily chart.
Weekly options data suggests a broad range of 24,000–25,000, with an immediate trading band of 24,400–24,700. The 24,300–24,350 zone remains a crucial support; holding above it may trigger a rebound toward 24,700 and then 24,800–24,850, aligning with the mid-Bollinger Band and 50-day EMA. A break below 24,300 could strengthen bears.
On the options front, maximum Call OI stands at 25,000, while maximum Put OI is at 24,000, indicating firm support below current levels.
Bank Nifty slipped 0.84% to 55,044 but defended its 100-day EMA at 54,950. The index is stuck in a 54,900–55,650 range, with support at 54,700–54,600 and resistance at 55,400–55,500.
India VIX edged up 0.12% to 12.23, signaling caution.
Trader Takeaway: Watch 24,300 on Nifty and 54,700 on Bank Nifty – rebounds are possible if these hold.
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