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Yesterday, NIFTY started the session above the 22,700 mark and continued to form higher tops and higher bottoms on the intraday charts. Buying interest intensified during the afternoon session, pushing the index to test the 23,000 mark. However, it failed to cross this level and eventually closed just below it.

NIFTY has regained the 20-DEMA, which is placed near 22,875, and has tested the 23,000 mark. We maintain a bullish view on the index. Going forward, NIFTY could test 23,170, which corresponds to the 38.2% Fibonacci retracement level of its entire decline from 24,774 to 22,179.

On the downside, the 22,650–22,550 zone will act as an important support area. Therefore, long positions should be maintained with a protective stop-loss below 22,550.