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Yesterday, NIFTY opened on a positive note and tested the 24,300 mark in early trade, but it failed to sustain at higher levels and witnessed a sharp decline. The index found support near 24,100 and thereafter began forming higher tops and higher bottoms on the intraday chart. In the last hour of trade, NIFTY once again tested 24,300 and eventually closed just above 24,250.

NIFTY has now given confirmation of a higher top–higher bottom formation, suggesting the possibility of further recovery. If the index sustains above 24,300, it may move towards the 10-DEMA, which is placed near 24,700.

On the downside, the 23,800–23,700 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 23,700.