The market sentiment has improved after a significant rally, with the Nifty and Bank Nifty indices reaching the upper band of the Bollinger Bands.

The Nifty closed at 24,222, up 315 points or 1.32 percent, while the Bank Nifty surged by 1,072 points or 2.1 percent to 52,208.

Analysts believe that if the Nifty maintains support at the 24,000 level, it is likely to move higher towards the 24,300-24,550 range after a consolidation phase.

The Bank Nifty is expected to face resistance at 52,600, with immediate support at 52,000 and a key support zone at 51,500.

The market breadth favored the bulls, with 1,783 shares advancing against 744 declining on the NSE.

This positive momentum is supported by a favorable crossover in the Relative Strength Index (RSI), indicating ongoing bullish sentiment in the market.