The Nifty 50 index has been trading in a narrow range of 24,100 to 24,500 for the past week, indicating a period of consolidation as market participants await the monthly expiry of Futures and Options contracts on October 31.
On October 30, the index experienced a decline of 0.5% following a recent rally, suggesting cautious sentiment among investors.
Market experts suggest that a clear breakout above 24,500 could indicate the start of a new upward trend, while a drop below 24,100 may lead to selling pressure, potentially pushing the index down towards the August low of 23,900. Traders are advised to closely monitor these key levels as they navigate the current market conditions.