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Yesterday, NIFTY opened on a positive note and moved above the 24,000 mark. Thereafter, the index traded in a narrow range of 23,950–24,050 throughout the session and eventually closed just below 24,000.

NIFTY is currently facing resistance near the 20-DEMA, which is placed around 24,050. However, as long as the index sustains above the 23,800 level, the broader short-term structure remains intact. Existing long positions can therefore be maintained with a protective stop-loss below 23,800.

On the upside, a decisive breakout and sustained move above 24,050 could revive bullish momentum and pave the way for an advance towards 24,240.