Trade Setup For Oct 24: Nifty 50 Resistance Levels Seen At 24,600–24,700, Support At 24,378

The Nifty 50 index's resistance level is seen at 24,600–24,700, while support is seen at 24,378, according to analysts. The Nifty 50 ended the day on a negative note at 24,436, signalling weakness in the broader market. The INDIA VIX, which measures market volatility, climbed 1.31% to 14.59, reflecting increased uncertainty.

The Nifty 50 has formed an inverted hammer candle on the daily chart, which follows the breakdown of a head and shoulder pattern. "This candlestick formation typically indicates strength," according to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.

"The 24,378 level is crucial short-term support. If Nifty holds above this, we might witness a pullback towards the 24,600–24,700 zone, which aligns with the neckline of the head and shoulder pattern," he said.

Yedve further warned that if the Nifty breaks below 24,370, the index could drift lower towards the 24,200–24,000 levels. "Traders are advised to use any bounce to book profits, considering the overall weakness in the market," he noted.

"Considering the price and momentum indicator, we expect the rangebound price action to continue. The range is likely to be 24400–24750. Sell on rallies to 24680–24750 is the preferred trading strategy for the target of 24200–24000," according to Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

"We expect markets to remain range-bound with stock-specific action due to the ongoing quarterly results season," said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd.

The Bank Nifty also opened with a gap down but found support near its 100-DEMA at 51,100, which spurred buying interest. Despite this, the index closed the day relatively flat at 51,239.

"On the daily scale, Bank Nifty also formed an inverted hammer candle near its 100-DEMA support, signalling strength. The 51,000–51,100 range offers solid short-term support. As long as Bank Nifty holds above this range, a pullback rally is possible. However, a sustained break below 51,000 could trigger further downside," Yedve commented on the Bank Nifty's technical position.

The NSE Nifty 50 and the BSE Sensex closed lower for the third consecutive day on Wednesday to end at their lowest level since Aug. 14 again amid quarterly earnings releases. The indices saw a volatile session as they gained as much as 0.5% during the day and fell as much as 0.4% as well to finally close a little lower.

The Nifty 50 closed 36.60 points or 0.15%, down at 24,435.50 and the Sensex ended 138.74 points or 0.17%, lower at 80,081.98.

The Indian rupee closed at a record closing low against the US dollar on Wednesday as the greenback strengthened globally.

The local currency ended at Rs 84.082 as compared to the previous day's close of Rs 84.076. Intraday, it weakened to an all-time low of Rs 84.085.