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On Friday, NIFTY opened on a positive note and moved above the 24,150 mark in early trade. Thereafter, the index traded in a narrow range of 24,150–24,250 throughout the session and eventually closed just above 24,200.

NIFTY has regained both the 10-DEMA and 20-DEMA, which are positioned in the 24,000–24,100 range, indicating an improvement in short-term momentum. As long as the index sustains above 24,100, the bullish bias is likely to remain intact. In that case, NIFTY could advance towards the 24,300–24,350 zone.

On the downside, NIFTY has immediate support near the 23,800 mark. Long positions can be maintained with a protective stop-loss below 23,800.