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Yesterday, NIFTY started the session below the 23,300 mark and formed lower tops and lower bottoms on the intraday chart during the first half of the day. The index found support near 23,150 in the afternoon session and witnessed a sharp recovery from lower levels, eventually closing above 23,400.

NIFTY has once again demonstrated strong buying interest near the 23,150 level and continues to hold this support zone. As long as the index sustains above 23,150, existing long positions can be maintained with a protective stop-loss below 23,150.

On the upside, NIFTY continues to face strong resistance in the 23,600–23,700 zone, where the 10-DEMA and 20-DEMA are positioned. Therefore, fresh long positions should be considered only on a decisive breakout above 23,700.