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Yesterday, NIFTY opened on a negative note and slipped below the 24,200 mark in early trade. Thereafter, the index started forming lower tops and lower bottoms on the intraday chart. It tested the 24,000 level during the session and eventually closed just above 24,050.

NIFTY is currently trading between the 10-DEMA and 20-DEMA, which are placed near 24,100 and 24,000, respectively. As long as the index sustains above the 20-DEMA and the 24,000 support level, the broader bullish bias is likely to remain intact. In that case, NIFTY could advance towards the 24,300–24,350 zone.

On the downside, the 23,800 level continues to act as an important support. Long positions can be maintained with a protective stop-loss below 23,800.