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Yesterday, NIFTY opened on a positive note and moved above the 24,200 mark in early trade. Thereafter, it traded in a narrow range of 24,175–24,275 throughout the session and eventually closed above 24,200.

NIFTY has tested our short-term target of 24,261, which represents the 50% retracement of the recent decline from 26,341 to 22,182. The index has also regained the 50-DEMA, placed near 24,190, indicating strengthening momentum. A sustained move above 24,300 could open the path towards the 100-DEMA, which is positioned near 24,700.

On the downside, the 23,900–23,800 zone will act as an important support area. Long positions can be maintained with a protective stop-loss below 23,800.