Mumbai, March 3 -- Stock market bulls have strenuously defended the Nifty's 24,600 level four times since July, raising hopes that it will hold even as the current storm passes.

The key technical floor was tested on Monday as investors reacted to the outbreak of hostilities in West Asia following joint strikes by the US and Israel against Iran over the weekend. Markets were shut on Tuesday for Holi.

The Nifty 50 shed 1.24% to close at 24,865.70 after plunging over 2% during the day. The benchmark hit an intraday low of 24,603.5 before paring losses - once again holding above the 24,600 mark that traders have treated as crucial support since last year.

On 29 July last year, the Nifty bounced from a low of 24,598.6 to close at 24,956.5 t...