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Yesterday, NIFTY opened on a positive note and moved above the 23,700 mark in early trade. However, the index failed to cross the 23,800 level and witnessed profit booking in the afternoon session, eventually closing just above 23,600.

NIFTY continues to face resistance in the 23,750–23,850 zone, where the 10-DEMA and 20-DEMA are positioned. As long as the index remains below this resistance band, the near-term trend is likely to remain range-bound. Fresh long positions should be considered only on a decisive breakout above 23,850.

On the downside, the 23,250–23,150 range will continue to act as an important support area. Long positions should be protected with a strict stop-loss below 23,150.