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Yesterday, NIFTY opened on a positive note and started the session above the 24,000 mark. The index tested the 24,100 level during the day and eventually closed just below it.

NIFTY continues to form higher tops and higher bottoms on the daily chart, indicating that the broader trend remains positive. We therefore maintain a bullish outlook. The index is now approaching the 100-DEMA, which is placed near 24,150. A sustained move above this level could further strengthen momentum and pave the way for a rally towards the 200-DEMA, positioned near 24,450.

On the downside, the 23,700–23,600 zone will act as an important support area, where the 10-DEMA and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 23,600.