The Nifty 50 index ended the day at 24,399, down 36 points, marking its fourth consecutive day of decline. Throughout the session, the index traded within a narrow range of 50-60 points, forming a Doji candlestick pattern. This pattern typically suggests a potential rebound after a downtrend.

However, experts are cautious about the overall negative trend and advise a "sell on rally" strategy. Market analysts believe that if a rebound occurs, the index may face resistance in the 24,500-24,600 range. On the other hand, a drop below 24,300 could lead to increased selling pressure.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, suggests that there is a possibility of an upside bounce, either from current levels or slightly lower, as there hasn't been significant selling momentum at recent lows. A sustained move above 24,600-24,700 could confirm the extent of any potential recovery in the market.