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Yesterday, NIFTY opened almost flat but witnessed weakness in early trade and slipped below the 24,400 mark. The index took support near 24,300 and witnessed some recovery in the last hour of trade, eventually closing just below 24,400.

For the last two sessions, NIFTY has witnessed buying interest near the 20-DEMA and managed to close above the 200-DEMA, indicating sustained buying interest at lower levels and a potential short-term reversal. Thus, the near-term outlook remains positive and long positions can be maintained. If NIFTY sustains above 24,500, it could once again test the 24,750 level.

On the downside, the 24,350–24,250 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 24,250.