Mumbai: The Nifty index continued its cautious trend on Wednesday, remaining in a sell-on-rally mode as investor confidence in any sustained upward movement remains limited. Market analysts suggest that the index is likely to consolidate within a defined range in the near term.

According to technical levels, 24,800 is acting as the immediate resistance for the index, while 24,500 serves as the first line of support. A secondary support zone has been identified between 24,400 and 24,350. Traders are advised to closely monitor these levels, as the market may continue to witness short-term rallies without strong buying momentum.

Analysts say the current market behavior reflects a cautious sentiment, with investors preferring to sell during rallies rather than entering new long positions. The consolidation phase is expected to continue unless a significant market catalyst restores confidence and triggers sustained buying activity.

Market participants are urged to adopt a cautious approach, focusing on risk management and staying alert to changes in market dynamics.