Nifty 50 targets 24,200-24,400 as oil drop boosts Indian markets

Indian stock markets are expected to rise further, with the Nifty 50 index projected to advance toward the 24,200–24,400 resistance zone in upcoming sessions, supported by falling oil prices and positive technical indicators. The Nifty 50 rose 0.63 percent on November 4, marking its fifth consecutive session of gains and heading for its best weekly performance since April 2026. Market confidence has been boosted by crude oil prices falling below $100 a barrel and the Republican Party's loss in US midterm elections. Technical analysis shows the index reclaimed its 200-day EMA for the first time since August 13, with the RSI at 68.55 and MACD maintaining upward momentum. Immediate support has shifted higher to the 23,600–23,700 zone, while the India VIX fear gauge declined 3.4 percent to 15.19.