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Yesterday, NIFTY opened on a negative note and slipped below the 24,200 mark in early trade. Thereafter, the index traded in a narrow range of 24,150–24,250 throughout the session and eventually closed just below 24,250.

NIFTY continues to consolidate above the 10-DEMA and 20-DEMA, which are placed near 24,150 and 24,085, respectively, indicating that the short-term trend remains positive. As long as the index sustains above these key moving averages, long positions can be maintained with a protective stop-loss below 24,000.

On the upside, NIFTY faces immediate resistance in the 24,300–24,400 zone. A decisive breakout and sustained move above 24,400 could strengthen bullish momentum and pave the way for an advance towards 24,650.