The Nifty 50 index is currently facing resistance near the 24,500 level, which coincides with the 100-day Exponential Moving Average. On October 29, the index closed at 24,467, recording a gain of 128 points. This marked the second consecutive day of gains for the index.

Analysts have observed a positive crossover in the Relative Strength Index, indicating the potential for further upward movement if the index can successfully break through the 24,500 barrier. Key support levels have been identified between 24,100 and 24,000.

In the meantime, the Bank Nifty witnessed a significant increase of 1,061 points, or 2.07 percent, closing at 52,321. For a sustained rally towards the 53,000 level, the index must remain above 52,300 and surpass the 52,600 resistance. Support for the Bank Nifty is positioned at 51,700, aligned with the 50-day EMA.

The market showed positive breadth, with 1,520 shares advancing compared to 980 declining on the NSE.