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Yesterday, NIFTY started the session above the 23,200 mark, breached 23,300, and tested 23,350. Thereafter, the index traded within a range of 23,200–23,350 for most of the session before eventually closing above 23,400.

NIFTY has confirmed the formation of higher tops and higher bottoms on the daily charts and has also breached the 50-DEMA, which is placed near 23,170. We maintain a bullish view on the index, with an immediate upside target of 23,500, where the 100-DEMA is positioned. If NIFTY decisively breaks and sustains above the 100-DEMA, it could extend its rally towards the 200-DEMA, placed near 23,900.

On the downside, the 23,000–22,900 zone will act as an important support area. Long positions should be maintained with a protective stop-loss below 22,900.