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Yesterday, NIFTY opened on a positive note and started the session above the 23,900 mark. The index tested the 24,000 level during the day and eventually closed just below it.

NIFTY continues to form higher tops and higher bottoms on the daily chart and is comfortably trading above both the 20-DEMA and 50-DEMA, indicating that the broader trend remains positive. We therefore maintain a bullish outlook, with the next upside target placed near the 100-DEMA, which is positioned around 24,150.

On the downside, the 23,600–23,500 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 23,500.