The Nifty’s struggle to reclaim 24,000 is beginning to look less like a pause and more like a warning signal. After closing below the rising trendline that had supported the index since April, the benchmark now faces the risk of a deeper correction towards 23,260, according to Anand James, chief market strategist at Geojit Investments.
James said 23,800 remains a firm near-term support, but any recovery will need to push the Nifty above 24,215 for the market structure to turn constructive. Until then, attempts to bounce could remain short-lived as traders assess whether the index is entering a wider corrective phase.
