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Yesterday, NIFTY opened on a negative note and slipped below the 25,200 mark in early trade. It found support near 25,150 and witnessed a mild recovery, finally ending just below the 25,250 level.

Despite the intraday correction, there are no signs of reversal, as NIFTY continues to trade comfortably above the 10-DEMA and 20-DEMA. Hence, we maintain our bullish view with a short-term target of 25,375.

On the downside, support lies in the 25,100–25,000 zone, where the 10-DEMA and 20-DEMA converge. Long positions can be maintained with a stop-loss below 25,000.