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Yesterday, NIFTY opened on a flat note and witnessed some initial weakness, but it took support near the 24,100 mark. The index witnessed a sharp recovery in the last hour of trade and eventually closed above 24,300, indicating strong buying interest at lower levels.

NIFTY has regained both the 10-DEMA and 20-DEMA, which are placed near 24,300, indicating an improvement in short-term momentum. The index now faces an important resistance near 24,400, where the 200-DEMA is positioned. A decisive breakout and sustained move above 24,400 could pave the way for an upside move towards 24,600.

On the downside, the 24,100 mark will act as an important short-term support level. Long positions can be maintained with a protective stop-loss below 24,100.