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On Friday, NIFTY opened with a downside gap but found strong support near the 24,500 mark and staged a recovery from lower levels, eventually closing above the 24,700 mark.

NIFTY has once again taken support in the critical 24,500 – 24,450 zone, marking the fourth successful defense of this level in the past month. This reaffirms the strength of this support area. However, the index continues to trade below both the 10-day and 20-day Exponential Moving Averages (DEMA), indicating a lack of immediate bullish momentum.

Fresh long positions should be considered only on a breakout above the 24,950 level, which would also push NIFTY above short-term moving averages and signal renewed strength.

On the downside, a strict stop-loss below 24,450 should be maintained for all existing long positions, as a breach of this strong support zone could lead to a deeper correction.