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Yesterday, NIFTY opened on a positive note and started forming higher tops and higher bottoms on the intraday chart. The index tested the 24,050 level during the session and eventually closed just above the 24,000 mark.

Once again, NIFTY found support near the 20-DEMA, placed around 23,800, reaffirming the strength of the short-term trend. The 23,900–23,800 zone will continue to act as an important support area, where both the 10-DEMA and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 23,800.

On the upside, NIFTY faces resistance in the 24,100–24,200 zone. Fresh long positions should be considered only on a decisive breakout above 24,200.