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Nifty 50 consolidated around 24,467, maintaining an upward trend as long as it stays above 24,350, with targets at 24,550 and 24,700-24,800. Bank Nifty must hold the 53,000 level to aim for 53,800; otherwise, it may consolidate with support at 52,600.
Nifty 50 closed 0.3% higher at 24,275, remaining within a 250-point range as it awaits fresh triggers. A sustained move above 24,350 could lead to 24,550 and 24,800, while the 24,000–23,900 zone is critical below 24,100. Bank Nifty, holding above 52,100, may rise towards 52,600, with 52,000 as immediate support.
On October 30, the market experienced a decline of half a percent, despite a favorable breadth with 1,924 shares gaining against 593 falling on the NSE. Consolidation and rangebound movement are anticipated to persist, as volatility has surged to an 11-week high. Key trading ideas include CDSL and Balrampur Chini, as suggested by Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
The Nifty 50 defended the support level of 24,400, closing at 24,436, while the Bank Nifty fell to 51,239. Consolidation with a negative bias is expected as long as the Nifty remains below 24,700, with significant selling pressure anticipated if it drops below 24,350-24,400. The Bank Nifty faces resistance between 51,500-51,800, with immediate support at 51,100, where a decline could lead to a major downturn.
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