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Yesterday, NIFTY opened with an upside gap and started the session above the 24,300 mark. Thereafter, the index continued to form higher tops and higher bottoms on the intraday charts. Buying momentum strengthened during the afternoon session, pushing NIFTY above 24,400 to touch a high of 24,579. The index eventually closed above 24,500.

NIFTY continues to form higher tops and higher bottoms on the daily charts and is comfortably trading above the 200-DEMA. This indicates sustained bullish momentum. We maintain a bullish view on the index, with the next upside target at its previous high of 24,774.

On the downside, the 24,000–23,900 zone will act as an important support area. Long positions should be maintained with a protective stop-loss below 23,900.