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Yesterday, NIFTY started the session above the 23,500 mark and breached 23,600 in early trade. Thereafter, the index continued to form higher tops and higher bottoms on the intraday charts, crossed the 23,700 mark, and eventually closed above 23,800.

NIFTY continues to form higher tops and higher bottoms on the daily charts and has also breached the 100-DEMA, which is placed near 23,500. We maintain a bullish view on the index. Going forward, NIFTY could test its 200-DEMA, which is placed near 23,900.

On the downside, the 23,400–23,300 zone will act as an important support area. Long positions should be maintained with a protective stop-loss below 23,300.