Nifty 50 extends rally, targets 24,200-24,400 resistance zone
The Nifty 50 rose 0.63% on November 4, marking its fifth consecutive gain and setting up for a push toward the 24,200-24,400 resistance range, while support moves to the 23,600-23,700 area.
The Nifty 50 index climbed 0.63 percent on November 4, extending its winning streak to five sessions and positioning the benchmark for a move toward the 24,200-24,400 resistance zone in the coming days. Technical indicators show the index has broken above key moving averages, reclaimed its 200-day EMA for the first time since August 13, and remains above the 61.8 percent Fibonacci retracement level, suggesting continued bullish momentum.
Market analysts note that immediate support has shifted higher to the 23,600-23,700 range, while pivot-point resistance levels sit at 23,973, 24,036 and 24,137. The RSI is at 68.55 and the MACD histogram continues to expand, reinforcing the positive trend.
In the banking sector, the Bank Nifty rose 0.67 percent, moving above its 50-day EMA and approaching its 200-day EMA at 56,300. The index’s short-term moving averages are trending upward, with the RSI near 60 and the MACD maintaining an upward trajectory.
Options data show the highest open interest for Nifty call contracts at the 24,000 strike, while the 23,500 strike holds the greatest put open interest, indicating potential short-term resistance and support zones. For Bank Nifty, the 56,000 call strike and the 55,000 put strike carry the largest open interests.
The Nifty put-call ratio fell to 1.15 on November 4, and the India VIX dropped 3.4 percent to 15.19, reflecting a modest easing of market volatility.
Overall, the market’s technical profile points to a continued upward bias for the Nifty 50, with traders monitoring the 24,200-24,400 resistance band and the 23,600-23,700 support zone for the next price moves.