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Yesterday, NIFTY opened on a positive note and moved above the 24,400 mark in early trade. It went on to make a high of 24,480, but failed to sustain at higher levels and witnessed profit booking, eventually closing below 24,400.

Despite this pullback, NIFTY continues to trade above the 50-DEMA, placed near 24,200, keeping the broader trend positive. However, the index faces resistance in the 24,400–24,450 zone. A sustained move above 24,450 could open the path towards the 200-DEMA, which is positioned near 24,800.

On the downside, the 24,000–23,850 range will act as an important support zone. Long positions can be maintained with a protective stop-loss below 23,850.