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Yesterday, NIFTY opened on a negative note and remained range-bound throughout the session, oscillating within a narrow band of 24,300 – 24,200, before settling just below the 24,250 mark.

The index has been consolidating in a tight range for the last three sessions. However, there is no indication of a trend reversal on the charts. As long as the structure of higher tops and higher bottoms remains intact, we continue to maintain a bullish outlook with a short-term target of 24,600.

On the downside, the 24,000 – 23,900 zone remains a crucial support area. Long positions can be held with a strict stop-loss below 23,900, to safeguard against any unexpected weakness.