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Yesterday, NIFTY opened on a negative note and slipped below the 23,900 mark in early trade. Thereafter, it started forming lower tops and lower bottoms on the intraday chart, testing the 23,700 level before finally closing just above 23,750.

After a four-day rally, NIFTY witnessed some profit booking. However, the index continues to trade above the 10-DEMA and 20-DEMA, placed in the 23,450–23,250 range. As long as NIFTY sustains above 23,250, the broader trend remains bullish. Long positions can therefore be maintained with a protective stop-loss below 23,250.

On the upside, the 24,000 mark may act as an immediate resistance. However, given the positive market undertone, we maintain our upside target of 24,261, which corresponds to the 50% retracement of the recent decline from 26,341 to 22,182.