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Yesterday, NIFTY started the session on a positive note and jumped above the 23,900 mark in early trade. However, the index witnessed some profit booking and found support near 23,750 during the afternoon session. It subsequently staged a sharp recovery and eventually closed above 23,900.

NIFTY continues to form higher tops and higher bottoms on the daily charts and has also breached the 200-DEMA, which is placed near 23,900. This indicates further improvement in the technical structure. We maintain a bullish view on the index, with the next upside target at its previous high of 24,774.

On the downside, the 23,600–23,500 zone will act as an important support area. Long positions should be maintained with a protective stop-loss below 23,500.