India, June 3 -- The Nifty 50 index opened at 24,669.7 and was trading below the 24,550 level in the morning session, breaching the 20-day EMA (24,638.73) in the daily time frame. It touched a day's low at 24,526.15; however, in the afternoon, Nifty rebounded sharply, trading above the 20-day Exponential Moving Average (EMA).

The 20-day EMA, which is around the range of 24,600, acts as a key support level. The index has been in a consolidation phase for the last 12-15 sessions, trading between the range of 24,500 and 25,100. If Nifty breaches the 20-day EMA (24,600) support level, it could test the lower level of the range, i.e., 24,500.

The Nifty index peaked at 24,754, barely touching the nearest resistance of the 24,750 level, and ...