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Yesterday, NIFTY opened on a positive note and moved above the 24,100 mark, testing the 24,150 level in early trade. However, profit booking emerged in the afternoon session, dragging the index lower, and it eventually closed just below 24,100.

NIFTY is currently trading between the 10-DEMA and 20-DEMA, which are placed near 24,100 and 24,000, respectively. As long as the index sustains above the 20-DEMA and the 24,000 support level, the broader bullish structure is likely to remain intact. In that case, NIFTY could advance towards the 24,300–24,350 zone.

On the downside, the 23,800 level will continue to act as an important support area. Long positions can be maintained with a protective stop-loss below 23,800.