Nifty Rally Targets 24,000: Angel One Identifies Key Support and Resistance Levels
Stock Market & BSE Bull ! (Image credit BSE India)
By S. JHA
Nifty 50 extends its winning streak with a 1.58% rally, reclaiming key moving averages and the 23,800 zone. Angel One warns that short-covering may be driving much of the recovery, making sustained buying essential for the next leg higher.
Mumbai, November 3, 2026 — The Indian stock market is witnessing a strong recovery, with the Nifty 50 extending its winning streak and broader market indices joining the rally. However, the sustainability of the uptrend will depend on whether fresh buying emerges beyond the short-covering that appears to have fuelled much of the recent advance.
In its latest market note, Angel One said the follow-through buying over the past couple of sessions had significantly improved investor sentiment and market breadth.
The Nifty surged more than 750 points during the week, decisively reclaiming the crucial 23,800 zone and registering another impressive gain of 1.58% in the latest session.
The brokerage said the rally reflected renewed investor confidence and the bulls’ eagerness to capitalise on improving market sentiment. However, it cautioned that traders closing bearish positions could be contributing substantially to the sharp recovery.
Angel One said the Nifty had retraced nearly 61.8% of its recent decline and successively reclaimed its 20-day, 50-day and 100-day exponential moving averages.
The 200-day simple moving average has now emerged as the next significant technical hurdle.
The 24,000 mark assumes particular importance as it coincides with the 200-day SMA. According to the brokerage, the level also aligns with the projected upside target of an inverse Head and Shoulders formation highlighted in its earlier analysis.
A sustained move towards 24,000 could therefore become an important test of the market’s recovery.
Angel One identified the immediate support zone around 23,620–23,500, followed by the 50% Fibonacci retracement level.
The brokerage also highlighted an unfilled bullish gap in the 23,470–23,440 region as another important technical area to monitor.
These support levels could provide a cushion if the market experiences intermittent profit booking following its steep recovery.
The consecutive gap-up moves underline the strength of recent buying momentum, but Angel One cautioned that the almost vertical nature of the rally makes occasional profit booking a possibility.
The immediate challenge for the bulls is to convert the recovery into sustained buying momentum.
While short-covering can accelerate a rally, it does not necessarily indicate the arrival of durable investment demand. Angel One’s assessment suggests that the market will need continued participation from buyers to overcome the next major resistance.
The brokerage remains focused on the 24,000 level, while the 23,620–23,500 zone and the lower bullish gap region provide important support references.
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