The Nifty 50 index saw a significant drop on November 28, losing 361 points or 1.5 percent to close at 23,914. This decline occurred during the monthly F&O expiry session and broke the consolidation range, pushing the index below short-term moving averages.

Analysts suggest that if there is a rebound, resistance may be encountered in the 24,000–24,200 range, while support is expected at the 23,600 level, which corresponds to the 200-day EMA.

The Bank Nifty also fell 395 points to 51,907, and its upward movement is dependent on surpassing the 52,000 mark to target 52,500. If it remains below this threshold, a decline towards the 51,600–51,500 zone is anticipated.

Despite the bearish trend, the market breadth showed some resilience, with 1,331 shares gaining against 1,143 that fell on the NSE.