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Yesterday, NIFTY opened on a negative note but found support near the 23,250 mark in early trade and bounced back from lower levels. Thereafter, the index traded in a narrow range of 23,350–23,450 for most of the session and eventually closed above 23,400.

NIFTY continues to demonstrate strong buying interest near the 23,150–23,250 support zone and has been consistently holding above this level. As long as the index sustains above 23,150, existing long positions can be maintained with a protective stop-loss below 23,150.

On the upside, NIFTY continues to face strong resistance in the 23,600–23,700 zone, where the 10-DEMA and 20-DEMA are positioned. Therefore, fresh long positions should be considered only on a decisive breakout above 23,700.