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Yesterday, NIFTY opened on a positive note and started forming higher tops and higher bottoms on the intraday chart. The index regained the 24,000 mark in the afternoon session, almost tested the 24,100 level during the day, and eventually closed above 24,000.

NIFTY has taken support near the 20-DEMA, placed around 23,785, and witnessed a sharp recovery from lower levels, reaffirming the positive short-term trend. The index now faces resistance in the 24,100–24,200 zone. A decisive breakout and sustained move above 24,200 could pave the way for a rally towards the 200-DEMA, which is positioned near 24,450.

On the downside, the 23,800–23,750 range will act as an important support zone. Long positions can be maintained with a protective stop-loss below 23,750.