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Yesterday, NIFTY opened with a downside gap but found support near 23,150, leading to a sharp recovery in early trade. The index tested the 23,300 level before closing at 23,250.

Notably, NIFTY took support near its 20-day exponential moving average (20DEMA), positioned around 23,130. Strong support remains in the 23,100 - 23,000 range, making 23,000 a critical level for risk management. Traders holding long positions should maintain a stop-loss below this level.

On the upside, resistance is now established in the 23,300 - 23,400 zone. A decisive breakout above 23,400 would be necessary for fresh long positions, signaling further upside potential.