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Yesterday, NIFTY opened on a positive note and moved above the 24,300 mark in early trade. Thereafter, the index continued to form higher tops and higher bottoms on the intraday chart. Buying momentum strengthened as NIFTY breached the 24,400 mark, tested 24,450, and eventually closed firmly above 24,400.

NIFTY continues to maintain a higher tops and higher bottoms formation on the daily chart and has successfully closed above the 200-DEMA, which is placed near 24,425. This breakout strengthens the bullish market structure, and we continue to maintain a positive outlook. The index is now well-positioned to test 24,600, and a sustained move above this level could extend the rally towards 24,750.

On the downside, the 24,200–24,100 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 24,100.