Nifty Correction Deepens – Will 24,300 Support Hold Next Week?Nifty 50 IndexNSE:NIFTYssudhirsharma11Nifty closed at 24,450, falling 728 points from last week. Weekly High: 24,989 Weekly Low: 24,305 Selling intensified across global markets following the US–Iran geopolitical conflict, accelerating the correction I have been warning about since 27 December, when yearly RSI had entered overbought territory. The index has now taken support near 24,305, a level that also acted as a strong demand zone in August 2025, from where the market began a strong upward move. This makes 24,300 the most important level to monitor for the coming week. NIFTY – KEY LEVELS TO WATCH Support Levels • 24,305 • 24,000 • 23,800 Resistance Levels • 24,900 • 25,141 If 24,305 holds, the market may attempt a relief bounce. However, a weekly close below 24,300 could open the door toward 24,000 / 23,800, extending the corrective phase. BANK NIFTY – CRITICAL PIVOT Bank Nifty closed at 57,783, almost 2,750 points lower week-on-week and near the weekly low. Key Levels Support • 57,696 • 57,273 Resistance • 59,200 – 59,400 If the index fails to defend 57,696, selling pressure could extend further. On the upside, sustaining above 59,200–59,400 may trigger a relief bounce. NEAR-TERM TRIGGERS Keep a close watch on these short-term sentiment levels: Nifty: 24,900 Bank Nifty: 59,200 – 59,400 If both indices manage to sustain above these levels, a short-term upmove or relief rally is possible. Failure to reclaim these zones may invite fresh selling pressure. S&P 500 – GLOBAL SENTIMENT CHECK The S&P 500 closed at 6,740, down around 140 points from the previous week and near weekly lows, signaling risk-off sentiment globally. Key Levels Support • 6,710 • 6,585 Resistance • 6,800 • 6,970 A weekly close below 6,710 could push the index toward 6,585 / 6,144, while reclaiming 6,800 may bring temporary relief. MARKET REGIME Markets appear to be transitioning from a momentum phase to a corrective phase, with geopolitical developments adding further volatility. For traders and investors, this is a period where risk management and patience matter more than aggressive positioning. Final Thought Key supports are being tested across global markets. If Nifty manages to defend the 24,300 support zone, stabilization may follow. But a decisive break could deepen the correction. Expect a bumpy ride ahead. Your View Do you think Nifty will defend 24,300 or break lower? Share your view below. Important Update For nearly two years I have been sharing my weekly market views here. Over the past few weeks I mentioned that a more structured Premium Weekly Edition is coming. 👉 This is the final week where the detailed version remains free. From next week onwards, the full analysis with deeper insights and decision frameworks will move to a subscriber-only Premium Edition. Free summary updates will continue as usual.