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Yesterday, NIFTY opened on a positive note and moved above the 24,600 mark in early trade. Thereafter, the index traded in a narrow range of 24,600–24,675 throughout the session and eventually closed just below 24,650, indicating continued consolidation at higher levels.

NIFTY continues to consolidate near its recent highs, which is a constructive sign and keeps the broader trend bullish. A decisive breakout and sustained move above 24,700 could pave the way for the next short-term upside target of 25,000. We also continue to maintain our medium-term target of 26,300, supported by the confirmed triangular pattern breakout on the daily chart.

On the downside, the 24,400–24,250 zone will act as an important support area, where the 200-DEMA, 10-DEMA, and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 24,250.