The Nifty 50 index closed at 24,436, down 37 points, marking its third consecutive session of decline.

Despite opening lower at 24,378, the index briefly rallied to a high of 24,600 before succumbing to selling pressure.

Analysts emphasize the importance of maintaining the 24,350-24,400 range, as a failure to do so could result in a decline towards the key support level of 24,000.

Market experts suggest that a sustainable move above the recent high of 24,605 could indicate a short-term bullish trend, supported by the formation of a small bullish candlestick pattern resembling an Inverted Hammer.

However, the prevailing negative chart pattern, characterized by lower tops and bottoms, remains intact on both daily and weekly charts, signaling continued caution among investors.

Traders are closely monitoring these critical levels, especially with the upcoming weekly F&O expiry contributing to market volatility.