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Yesterday, NIFTY opened on a positive note and tested the 24,250 mark in early trade. However, it failed to sustain at higher levels and witnessed profit booking. The index found support near the 24,000 level and bounced back sharply. Buying momentum intensified once NIFTY breached 24,200, leading it to test 24,350, before finally closing above 24,300.

NIFTY has regained the 50-DEMA, placed near 24,185, indicating improving market strength. The index now faces resistance in the 24,350–24,400 zone. A sustained move above 24,400 could open the path towards the 100-DEMA, positioned near 24,570. Beyond that, NIFTY may even move towards the 200-DEMA, placed around 24,750.

On the downside, the 24,000–23,900 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 23,900.