Nifty 50 saw a significant rebound on November 22, closing at 23,907, up 557 points or 2.39%, which was its largest single-day rally since June 5.

The index surpassed the resistance level of 23,800, supported by a broad-based rally across sectors and above-average trading volumes. Analysts suggest that if Nifty maintains this momentum and closes above 23,800, the next target will be 24,000, which aligns with the 20-day EMA.

The market sentiment remains positive, with the Relative Strength Index (RSI) showing a bullish crossover from the oversold zone. Immediate resistance is noted at 23,960–24,000, and a decisive move above this level could push the index towards 24,500. On the downside, crucial support levels are identified at 23,750 and 23,550, with 23,350 being a significant support zone following recent lows. Market experts believe that the overall outlook suggests a favorable environment for a meaningful rally in the short term.