Pre-market action: Here's the trade setup for today's session

Nifty has formed a Piercing Line candlestick pattern near the 20EMA support zone, signalling a possible short-term rally, with resistance seen at 24,500 and 24,800 and support at 23,800. India VIX rose 9 percent to 13.94 levels, indicating rising fear in the markets. The rupee appreciated 21 paise to 94.55 against the US dollar, supported by a 2.05 percent decline in Brent crude to $75.50 per barrel, while no stocks were in the F&O ban list for the session.