The Nifty 50 index closed lower for the second consecutive day on December 9, indicating market volatility. Traders showed indecision as the index struggled to maintain a close above the critical 24,700 level, which is the 20-week simple moving average.

This level is important for any potential upward movement towards the 24,800 target, followed by the psychological barrier of 25,000. Analysts suggest that as long as the Nifty 50 remains below 24,700 on a closing basis, consolidation is likely to continue. Support levels are identified at 24,500 and further down at 24,200. Investors should closely monitor these levels for potential trading opportunities in the current market environment.