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Yesterday, NIFTY opened on a positive note and moved above the 24,400 mark in early trade. It continued to form higher tops and higher bottoms on the intraday chart, tested the 24,600 level, and eventually closed just below it.

NIFTY continues to form higher tops and higher bottoms on the daily chart and is comfortably trading above the 50-DEMA, placed near 24,200, indicating sustained bullish momentum. We maintain a positive outlook with a short-term target of 24,800, where the 200-DEMA is positioned.

On the downside, support has shifted upward to the 24,300–24,200 zone, which will act as an important support area. Long positions can be maintained with a protective stop-loss below 24,200.