The Nifty 50 remained range-bound amid consolidation throughout the session before closing above the psychological 25,000 mark with modest gains on November 9. The index found support near 24,800 and continued to hover around the bearish gap formed on March 2 for another session.
The index needs to decisively close this bearish gap by surpassing the 25,150–25,200 resistance zone to extend its uptrend towards the next resistance at 25,500, which is close to the 78.6 percent Fibonacci retracement of the decline from 26,373 to 22,180. However, 24,800 remains an immediate and crucial support level. A break below this level could trigger a deeper correction towards 24,600–24,500, according to experts.
The index opened higher but remained range-bound throughout the session. On the downside, it found support near 24,800, while profit booking emerged around the resistance zone of 25,080. It recovered more than 200 points from the day's low before closing at 25,045, up 58 points or 0.23 percent.
On the daily timeframe, the index formed a small bearish candle with a long lower wick, indicating strong buying interest at lower levels. The broader structure remains favourable for the bulls, with the index trading well above all key moving averages, which are also trending upwards.
Among momentum indicators, the RSI remained in the overbought zone at 77.88, with a strong bullish crossover, while the MACD maintained its upward bias. However, the green histogram bar contracted for the first time after expanding consistently over the previous eight sessions. These indicators suggest that the underlying trend remains strong despite the ongoing near-term consolidation.