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The market remained rangebound, closing slightly below 24,400, marking the Nifty 50's fourth consecutive day of losses. With Inverted Hammer and Doji patterns emerging, a potential bounce is possible, but the overall bearish trend suggests a 'sell on rally' strategy. Resistance is seen at 24,500-24,600, while a drop below 24,300 could lead to significant declines.
The market closed lower at 24,436 on October 23, marking a third consecutive day of decline. The index remains below key resistance levels at the 20-week EMA of 24,550 and the 20-week SMA of 24,700, with immediate support found in the 24,400-24,350 range. A break below this support could lead to further declines towards 24,200-24,000.
The Nifty 50 experienced a significant decline of 1.25 percent, closing at 24,472, as it fell below critical support levels of 24,700 and 24,550, marking a 10-week low. Immediate support is now at 24,400, with potential further correction to the 24,000-23,900 range, while resistance is noted at 24,700. Key resistance levels based on pivot points are identified at 24,767, 24,870, and 25,036.
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