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Yesterday, NIFTY opened on a positive note and moved above the 24,100 mark in early trade. Thereafter, the index remained range-bound for most of the session, trading within a narrow band of 24,100–24,150, and eventually closed just above 24,100.

NIFTY continues to face resistance near the 100-DEMA, which is placed around 24,150. However, the broader market structure remains positive, with the index continuing to trade above its key short-term moving averages. Therefore, we maintain a bullish outlook with an upside target of 24,450, where the 200-DEMA is positioned.

On the downside, the 23,850–23,750 zone will act as an important support area, where the 10-DEMA, 20-DEMA, and 50-DEMA are clustered. Long positions can be maintained with a protective stop-loss below 23,750.