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Yesterday, NIFTY started the session above the 22,500 mark and began forming higher tops and higher bottoms on the intraday charts. The index subsequently regained the 22,700 level and eventually closed above it.

NIFTY has regained the 10-DEMA, which is placed near 22,630, and has confirmed the formation of higher tops and higher bottoms on the hourly charts. 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 22,350–22,250 zone will act as an important support area. Therefore, long positions should be maintained with a protective stop-loss below 22,250.