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Yesterday, NIFTY opened on a positive note and tested the 24,000 mark in early trade. Thereafter, the index traded sideways for most of the session. In the afternoon, it witnessed some profit booking, but managed to hold on to gains and eventually closed just above 23,850.

NIFTY continues to form higher tops and higher bottoms on the daily chart and is trading comfortably above both the 20-DEMA and 50-DEMA, indicating that the broader trend remains positive. We therefore maintain a bullish outlook, with the next upside target placed near the 100-DEMA, which is positioned around 24,150.

On the downside, the 23,600–23,500 zone will act as an important support area, where the 10-DEMA and 20-DEMA are positioned. Long positions can be maintained with a protective stop-loss below 23,500.