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Yesterday, NIFTY opened on a positive note but failed to sustain at higher levels. After touching an intraday high of 24,677, the index witnessed profit booking and slipped towards the 24,500 mark. However, buying interest emerged near this support level, helping NIFTY recover in the last hour of trade. The index eventually closed above 24,600.

NIFTY is currently consolidating at higher levels, which is a constructive sign and keeps the broader trend bullish. A decisive breakout and sustained move above 24,700 could pave the way for the next upside target of 25,000. In addition, NIFTY has confirmed a triangular pattern breakout on the daily chart, with the measured target of the pattern placed near 26,300, indicating a strong positive outlook over the medium term.

On the downside, the 24,400–24,250 zone will act as an important support area, where the 200-DEMA, 10-DEMA, and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 24,250.