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Yesterday, NIFTY opened with a gap-up and moved above the 24,200 mark in early trade. Thereafter, the index traded in a narrow range of 24,200–24,260 throughout the session and eventually closed just below 24,250.

NIFTY has regained both the 50-DEMA and 100-DEMA, which are placed near 24,200, indicating an improvement in short-term momentum. However, the index faces strong resistance in the 24,300–24,400 zone, where the 10-DEMA, 20-DEMA, and 200-DEMA are positioned. Fresh long positions should therefore be considered only on a decisive breakout above 24,400.

On the downside, the 24,000 mark will act as an important short-term support level. Long positions can be maintained with a protective stop-loss below 24,000.