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Yesterday, NIFTY opened almost flat but witnessed weakness in early trade and slipped below the 24,400 mark. The index started forming lower tops and lower bottoms on the intraday chart and made a low near 24,300. However, buying interest emerged in the last hour of trade, helping NIFTY recover and eventually close above 24,400.

NIFTY took support near the 200-DEMA and witnessed buying interest from lower levels, subsequently regaining the key moving average. The index has also formed a Hammer pattern on the daily chart, indicating buying interest at lower levels and a potential short-term reversal. Thus, long positions can be maintained. If NIFTY sustains above 24,500, it could once again test the 24,750 level.

On the downside, the 24,350–24,250 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 24,250.