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Yesterday, NIFTY opened on a positive note but failed to sustain at higher levels and witnessed a sharp decline. The index slipped below the 25,000 mark but found support near 24,950, from where it bounced back strongly and regained the 25,100 level. In the last hour of trade, NIFTY breached 25,200 and tested close to 25,250, before finally closing just below 25,200.

NIFTY has regained the 200-DEMA, which is placed near 25,160, indicating improving short-term sentiment. With this recovery, the index may extend the up-move towards the 10-DEMA, positioned near 25,400.

On the downside, the 24,950–24,900 zone will act as an important support area. Long positions can be maintained with a stop-loss below 24,900.