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Yesterday, NIFTY opened on a positive note and moved above the 24,450 mark in early trade. Thereafter, the index continued to form higher tops and higher bottoms on the intraday chart and tested the 24,500 level. However, profit booking emerged at higher levels, dragging the index below 24,400, and it eventually closed just below this level.

NIFTY witnessed some profit booking and once again closed below the 200-DEMA, which is placed near 24,420. However, the broader price structure remains constructive, with the index continuing to form higher tops and higher bottoms on the charts. Therefore, we maintain a bullish outlook with an immediate upside target of 24,600.

On the downside, the 24,150–24,000 zone will act as an important support area, where the 10-DEMA and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 24,000.