well, it needs both red and blue light. it does not require 24 hours, but you need more than say 15.. generally, people use 18/6 or 20/4 light schedules as opposed to 24hours, but you can find people that do that too.
You need enough light that it doesn't stretch. it'll vary over the next couple weeks as it matures and can handle more with a more robust rootsystem and nutrient uptake. Right now, it needs fairly intense light, but nothing crazy. if you see it fall over, light is too close. If you see it stretch and stem turns a lighter green or pales, it;s too far away... you can see it happening before it becomes a problem. learn as you go so you and make note of the height these lights require at certain stages to avoid the trial and error next time.
impossible to say for sure with your lights. CFL generally can be quite close, LEDs if guessing right on what it is probably 18-24" when more mature, but ~30-36" for a seedling... gotta use trial and error becuase too many variables exist. Can't trust your eyes - rely on plant's behaviour. a "par" or cheaper "lux" meter can help here too.. (lux will only relate to 1 bulb or 2 mixed as its own exclusive measurment.. cannot use Lux reliably between 2 different lights or set of lights as the measurements are relative to spectrum of what a human eye sees and not what the plant uses - still proportional to intenisty.)