Despite a 25-basis-point repo rate cut by the Reserve Bank of India, the market closed largely in the red. However, midcap stocks continued to outperform, with the midcap index closing in positive territory.

The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,715 level, a premium of nearly 25 points from the Nifty futures’ previous close.

As long as the Nifty 50 stays above 23,600, the upward journey toward the 23,800-24,000 zone is likely. However, below 23,600, consolidation may be seen, with support at 23,400, experts said.