Indian stock market, Aug. 25 -- The Nifty 50 index started Monday's session on a positive note and moved above the 24,300 mark. However, the index failed to sustain at higher levels and witnessed selling pressure during the day.

The morning gains were completely erased, with the index slipping below the 50-DMA and the 50% Fibonacci retracement level on an intraday basis.

In the final phase of the session, buying interest emerged from lower levels, helping the index recover and close above the 24,200 mark. However, the recovery was not enough to turn the session positive, as Nifty ended the day at 24,219.05, down by 32.95 points or 0.14%.

A closer look at the price action indicates that the index has been consolidating between the 20-EM...