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Yesterday, NIFTY opened on a positive note and moved above the 23,700 mark in early trade. It began forming higher tops and higher bottoms on the intraday chart. In the afternoon session, the index regained 23,800 and tested the 23,850 level before eventually closing just below 23,800.

NIFTY is approaching its 10-DEMA, placed near 23,925. On the upside, the 23,850–23,950 zone will act as a key resistance area. Fresh long positions should be considered only on a decisive breakout above 23,950.

On the downside, the 23,200–23,100 range will continue to act as an important support zone. Long positions can be maintained with a protective stop-loss below 23,100.