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Yesterday, NIFTY opened on a positive note and moved above the 22,850 mark in early trade. However, it failed to sustain at higher levels and witnessed profit booking. The index found support near 22,600 and subsequently started forming higher tops and higher bottoms on the intraday chart. It went on to test the 23,000 level and finally closed just above 22,900.

On the intraday chart, NIFTY has confirmed a higher top–higher bottom formation, indicating the possibility of further recovery. A sustained move above 23,000 could push the index towards the 10-DEMA, which is placed near 23,350.

On the downside, the 22,500–22,400 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 22,400.