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Yesterday, NIFTY opened on a positive note and moved above the 23,900 mark in early trade. The index continued to form higher tops and higher bottoms on the intraday chart, tested the 24,000 level, and eventually closed just below it.

NIFTY has broken the key resistance range of 23,750–23,850 and also tested the 50-DEMA, placed near 24,000. Since the index has now regained the 50-DEMA, the short-term momentum has improved and NIFTY may extend its recovery towards the 100-DEMA, which is positioned near 24,400.

On the downside, the 23,850–23,750 range will now act as an important support zone, where both the 10-DEMA and 20-DEMA are positioned.