The Nifty 50 index experienced a strong recovery on November 29, increasing by almost one percent and closing at 24,131, resulting in a gain of 217 points. This rebound allowed the index to recover more than half of its recent losses, placing it above important short-term moving averages and within the upper range of the Bollinger Bands.

Analysts predict that the index may aim for the significant resistance level of 24,350, followed by the range of 24,550–24,700. Support is expected at 23,900, which was the lowest point recorded last week.

In the meantime, the Bank Nifty also displayed positive momentum, closing at 52,056 after a rise of 149 points. As long as it maintains a closing level above 51,800, the index is projected to challenge the critical resistance at 52,600, with a further target of 53,000.

The market breadth was favorable, with 1,570 shares advancing compared to 915 declining on the NSE, indicating a positive sentiment among investors.