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On Monday, NIFTY opened with a sharp downside gap but found support near the 23,500 mark in early trade. Thereafter, it formed higher tops and higher bottoms on the intraday chart, indicating steady recovery. The index went on to test the 23,900 level during the session and eventually closed just below 23,850.

NIFTY took support near the 20-DEMA, placed around 23,550, and witnessed a strong rebound. As long as the index sustains above this level, the broader trend remains bullish. Long positions can therefore be maintained with a protective stop-loss below 23,450.

On the upside, the 24,000 mark will act as an immediate resistance. However, given the positive undertone, we maintain our upside target of 24,261, which corresponds to the 50% retracement of the recent decline from 26,341 to 22,182.