The Nifty 50 index has been performing within a range as investors exercise caution ahead of the Monetary Policy Committee's interest rate decision on December 6.

However, the index has shown resilience and has been on an upward trend for four consecutive days as of December 4. Analysts believe that the index's ability to stay above key moving averages and the neckline of the Inverted Head and Shoulders pattern suggests a potential upward movement towards the immediate target of 24,550.

Resistance levels are identified between 24,700 and 24,800, while support is expected in the 24,350-24,300 range. If the index falls below this support zone, the critical level to monitor will be 24,000. Market experts are closely monitoring these key levels as they assess trading strategies in the current market environment.