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Yesterday, NIFTY opened on a negative note and fell below the 24,500 mark in early trade. During the budget presentation, it experienced a sharp decline, finding support near the 24,000 level before bouncing back sharply. By the end of the day, NIFTY closed almost flat, just below the 24,500 mark.

Despite this volatility, NIFTY continues to trade above its 20-day Exponential Moving Average (20DEMA), indicating a positive trend. As long as NIFTY remains above the 24,000 level, the trend is expected to stay positive. On the upside, if NIFTY breaks the 24,600 level, it could retest its recent high of 24,850.

Overall, we maintain our bullish outlook and believe that NIFTY has the potential to reach 25,350 in the near term.