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Yesterday, NIFTY opened on a positive note and moved above the 23,500 mark in early trade. However, it failed to sustain at higher levels and witnessed profit booking. The index found support near 23,350 and bounced back sharply, reclaiming the 23,500 level. It further tested 23,600 before eventually closing just below it.

On the intraday chart, NIFTY has confirmed a higher top–higher bottom formation, indicating the potential for further recovery. With this structure in place, the index may move towards the 10-DEMA, which is positioned near 23,950.

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