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On Friday, NIFTY opened on a positive note and moved above the 23,700 mark in early trade. The index started forming higher tops and higher bottoms on the intraday chart and managed to breach the 23,800 level. However, after making a high of 23,835, it failed to sustain at higher levels and witnessed profit booking, eventually closing just above 23,700.

NIFTY continues to face resistance in the 23,750–23,850 zone, where the 10-DEMA and 20-DEMA are positioned. As long as the index remains below this resistance band, the near-term trend is likely to remain range-bound. Fresh long positions should be considered only on a decisive breakout above 23,850. A sustained move above this level could open the path towards the 50-DEMA, which is placed near 24,050.

On the downside, the 23,500–23,400 range will now act as an important support area. Long positions should be protected with a strict stop-loss below 23,400.