Nifty 50 eyes 24,000 as index reclaims key EMA level

India's Nifty 50 index surged 1.58 percent on November 3, marking its fourth consecutive session of gains, with analysts predicting it may reclaim its 200-day EMA around 23,900 in coming sessions. A sustained move above this level could open the door for further upside toward the 24,000–24,200 resistance zone, while the 23,500–23,600 area is expected to provide immediate support. Positive factors include improving market structure, falling crude oil prices, and persistent foreign institutional investor inflows. Technical indicators show strengthening bullish momentum, with the Nifty forming a long bullish candle and reclaiming its 100-day EMA. The India VIX rose 1.44 percent to 15.72, indicating some caution despite the rally. Options data suggests key resistance at 24,000 and support at 23,600.