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Yesterday, NIFTY opened with a downside gap and started the session below the 23,500 mark. The index found support near 23,300 in early trade and thereafter started forming higher tops and higher bottoms on the intraday chart. NIFTY regained the 23,500 level in the afternoon session and almost tested 23,700 in the last hour of trade, eventually closing just below 23,650.

NIFTY witnessed buying interest near its recent lows, reinforcing the 23,250–23,150 zone as an important support area. Long positions can therefore be maintained with a protective stop-loss below 23,150.

On the upside, NIFTY faces resistance in the 23,750–23,850 zone, where the 10-DEMA and 20-DEMA are positioned. Fresh long positions should be considered only on a decisive breakout above 23,850. A sustained move above this level could open the path towards the 50-DEMA, which is placed near 24,100.