A long bear candle has been formed on the daily chart, which indicates an attempt at a decisive downside breakout of 24,600-24,500 levels. After the formation of a series of higher tops and bottoms on the daily chart in the last few months, Nifty is currently weakening after forming a new lower top around 25,230 levels. This is a negative indication and signals ongoing downward correction.Another crucial weekly cluster support around 24,500 (ascending trend line, 23.6% retracement and weekly 20 period EMA) is placed on the verge of a downside breakout.The short-term trend of Nifty continues to be negative. A decisive move below 24,500-25,450 levels is likely to open the next downside target of 24,000. Any rise up to the immediate resistance of 24,700 could be a selling opportunity, said Nagaraj Shetti of HDFC Securities.In the open interest (OI) data, the highest OI on the call side was observed at 24,600 and 24,500 strike prices, while on the put side, the highest OI was at 24,400 strike price followed by 24,300.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts Nifty has slipped decisively below the 20-week average (24718) which is a sign of weakness. Daily and hourly momentum indicators possess a negative crossover which is a sell signal. Thus, both price and momentum indicators suggest weakness. On the downside, we expect the Nifty to drift towards 24000 where there is a high concentration of open interest on the put side implying support. On the upside, 24900 – 25000 shall act as a crucial resistance from a short term perspective.Rupak De, LKP SecuritiesThe Nifty slipped from the head and shoulder pattern on the daily timeframe, leading to a sharp fall during the day. Sentiment further weakened after the Nifty broke below the crucial support level of 24,700. The sentiment may remain weak as long as the index stays below 24,700, with a "sell on rise" strategy favored by market participants. The index has fallen below the 100 EMA for the first time since early June of this year. On the lower end, support is placed at 24,400, and if the index falls below this level, it may extend its correction towards 24,000.Praveen Dwarakanath, Hedged.inNifty has broken down the neckline of the Head & Shoulder pattern created in the reversal from an all-time high level, indicating weakness on a higher timeframe. The momentum indicators on the weekly are showing downside momentum to continue. Immediate support for Nifty is at the 24400 level, if broken can touch 24000 levels as well soon. Options writer's data for this month's expiry showed increased call writing at 24500 and above levels and short covering in ITM puts, indicating downside momentum to continue.Tejas Shah, JM Financial & BlinkXThe Nifty formed a long bearish candle on the daily chart, which is a negative sign. The crucial support of 24,750 was breached on a closing basis in today’s trading session which indicates that the weakness is likely to continue. We expect the downward trending activity to continue and the index should test 24,200-250 levels either continuously from the current levels or may be after a minor pull back rally. Support for Nifty is now seen at 24,200-250 and 24,000. On the higher side, the immediate resistance zone for Nifty is at 24,700-750 levels and the next psychological resistance is at 25,000 Mark.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)