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Yesterday, NIFTY failed to sustain at higher levels and witnessed some profit booking during the session. Selling pressure intensified after the index slipped below the 24,550 mark, dragging it to an intraday low near 24,400. However, it closed above 24600.

Despite the intraday profit booking, there are no signs of a trend reversal, and the broader market structure remains bullish. A decisive breakout and sustained move above 24,700 could pave the way for the next upside target of 25,000. Moreover, NIFTY has confirmed a triangular pattern breakout on the charts, with the measured target of the pattern placed near 26,300, indicating a strong positive outlook over the medium term.

On the downside, the 24,400–24,200 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 24,200.