Nifty 50 closed 0.5% lower at 24,341 on October 30 after struggling to break the 24,500 resistance level. This level aligns with the 100-day and 10-day Exponential Moving Averages. Experts believe that if the index can sustain above this level, it could indicate a resumption of upward momentum.

On the other hand, the 24,100-24,000 zone is seen as a critical support area. Volatility has increased, causing caution among bullish investors. Throughout the trading session, Nifty fluctuated between 24,300 and 24,500, forming a small bearish candlestick pattern that suggests selling pressure at higher levels.

Rupak De, Senior Technical Analyst at LKP Securities, observed that the index faced resistance near the 50 EMA on the hourly chart, leading to a correction towards 24,300. He emphasized that market sentiment is expected to remain sideways as long as Nifty trades within the 24,250 to 24,500 range. A decisive breakout from this range is anticipated to provide clearer direction for the index.

Support levels are identified at 24,250 and 24,000, while resistances are noted at 24,500 and 24,750.