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Yesterday, NIFTY opened with a downside gap but found support near the 24,000 mark. Thereafter, the index started forming higher tops and higher bottoms on the intraday chart. Buying momentum strengthened after NIFTY regained the 24,100 level, leading the index to test the 24,250 mark before eventually closing just above 24,200.

NIFTY found support near the 20-DEMA, placed around 24,000, and has regained the 10-DEMA, which is positioned near 24,125, indicating an improvement in short-term momentum. As long as the index sustains above 24,000, the bullish bias is likely to remain intact. In that case, NIFTY could advance towards the 24,300–24,350 zone.

On the downside, the 23,800 level remains an important support. Long positions can be maintained with a protective stop-loss below 23,800.