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Yesterday NIFTY opened almost flat and started moving sideways in the range of 22650 - 22750, But in the afternoon session, it witnessed profit booking and it fell below 22650. It took support near 22550 and finally it ended just above 22600.

NIFTY is still trading near 10DEMA, which is placed near 22630, thus we maintain a bullish view. Going forward, the index could test 22,875. If NIFTY sustains above 22,875, it may extend its recovery towards 23,100.

On the downside, the 22,400–22,300 zone will act as an important support area. Therefore, long positions should be maintained with a protective stop-loss below 22,300.