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Yesterday, NIFTY opened on a negative note and slipped below the 22,800 mark in early trade. It found support near 22,700 and recovered sharply, reclaiming the 23,000 level. The index went on to test 23,150 and eventually closed above 23,100.

NIFTY continues to trade above the 10-DEMA and is forming higher tops and higher bottoms on the intraday chart, indicating improving momentum. We maintain a bullish outlook, with the index likely to test the 20-DEMA, placed near 23,360. A sustained move above this level could open the path towards 23,600.

On the downside, the 22,800–22,700 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 22,700.