The Nifty 50 is predicted to rebound to the 24,300-24,400 range during Muhurat trading, but there are concerns about its sustainability due to negative sentiment before the US elections and the Federal Reserve's interest rate decision.

Traders should monitor the critical support level at 24,000. On October 31, the Nifty 50 closed at 24,205, down 136 points, while the Bank Nifty fell 332 points to 51,475. Despite the decline, there were more gaining shares than declining shares on the NSE.

The Bank Nifty is expected to face resistance at 51,700, aligned with the 50-day EMA, and support is anticipated in the 51,100-51,000 range. Chandan Taparia, Head of Equity Derivatives & Technicals at Motilal Oswal Financial Services, highlighted the bearish sentiment and the lower high-lower low formation in the past two sessions. Traders are advised to be cautious as market dynamics change in response to upcoming economic events.