By Vineet Kumar 
The market mood turned cautious as the Nifty 50 slipped closer to the critical 24,500 support zone on August 6, following the RBI’s hawkish pause. The index closed at 24,574, down 75 points, forming a bearish candle on the daily chart.
Analysts warn that a decisive break below 24,473 (June low) could trigger a swift fall toward 24,200 (200-day EMA). On the upside, 24,750–24,800 remains the immediate resistance zone. The RSI staying below 40, along with the 20-day EMA nearing a negative crossover with the 50-day EMA, reflects weak momentum.
Weekly Options Data:
Likely Nifty range: 24,400–24,700
Max Call OI: 25,000, then 24,700
Max Put OI: 24,000, then 24,600
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Bank Nifty Technical Setup
The Bank Nifty ended 51 points higher, showing indecision with a small green candle. Despite this, the index trades below its 20- and 50-day EMAs, signaling short-term weakness.
Support: 55,000–54,900 (100-day EMA). A break below 54,900 may lead to 54,400.
Resistance: 55,800–55,900.
RSI remains in the bearish zone, indicating lack of buying strength.
Meanwhile, India VIX inched up 2.11% to 11.96, signaling rising caution in the market.