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Yesterday, NIFTY opened on a negative note but found support near the 24,000 mark in early trade and rebounded sharply. It regained 24,100 and made a high of 24,180. However, profit booking re-emerged in the afternoon session, dragging the index back below 24,000, where it eventually closed just below the level.

NIFTY is currently hovering around the 10-DEMA (24,069) and 20-DEMA (23,955), indicating indecisiveness in the near term. The index has support in the 23,900–23,800 zone; therefore, long positions should be protected with a stop-loss below 23,800.

On the upside, the 50-DEMA, placed near 24,200, continues to act as a strong resistance. Fresh long positions should be considered only on a decisive breakout above 24,200.