Yesterday, NIFTY opened with a strong upside gap and started the session above the 23,800 mark. It went on to test the 24,000 level and eventually closed just below it.
NIFTY has regained the 20-DEMA, placed near 23,400, and is now trading above the 38.2% retracement of its recent decline from 26,341 to 22,182, indicating improving momentum. A sustained move above 24,000 could further strengthen the recovery and open the path towards 24,261, which corresponds to the 50% retracement level.
On the downside, the 23,500–23,400 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 23,400.
| Open | 23855 |
| High | 24025 |
| Low | 23828 |
| Close | 23997 |
| S 1 | 23875 |
| S 2 | 23753 |
| R 1 | 24072 |
| R 2 | 24146 |
| Action | SL | TGT |
|---|---|---|
| Buy above 24030 | 23900 | 26250 |
| Sell below 23690 | 23851 | 23400 |