The Nifty 50 started the day strongly at 24,254, following the BJP-led Mahayuti's clear victory in the Maharashtra assembly elections. It closed at 24,222, gaining 315 points or 1.32 percent, with high trading volumes.

Analysts believe that 24,000 will be an important support level, while immediate resistance is expected at 24,400, in line with the 50-day Exponential Moving Average. The market sentiment remains positive, as the index has surpassed the 21-day EMA, indicating increased investor confidence. The Relative Strength Index (RSI) has crossed above 50, suggesting potential upward momentum.

Experts suggest that buying on dips may be advantageous for traders in the short term, as the index continues to show signs of a strong uptrend. The support zone below 24,000 is identified between 23,950 and 23,850, providing additional stability for the market.