The Nifty 50 index saw a significant rebound on November 29, gaining almost one percent after a day of steep declines. This strong start to the December series is characterized by the formation of a Bullish Marubozu Opening candlestick pattern on daily charts.
However, market analysts stress the importance of sustainability in this upward movement. The index has been struggling to surpass a critical resistance level at 24,350 over the past four sessions. If it can sustainably move above this level, further gains towards 24,550 and 24,700 are possible.
On the other hand, if the index remains below 24,350, a period of consolidation is expected, with support identified at 23,900. It is advised for investors to closely monitor these key levels as trading progresses.